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Brazil's Development Bank Chief Counters Temer on Economy

  • Associated Press

FILE - Paulo Rabello de Castro, CEO of Brazil's National Development Bank (BNDES), speaks during a ceremony in Rio de Janeiro, Brazil June 1, 2017.

The head of Brazil's National Development Bank is publicly disputing President Michel Temer's claim that Latin America's largest economy is on the road to recovery.

Paulo Rabello de Castro said Wednesday during a foreign trade summit in Rio de Janeiro that "things are not OK" with the economy and Brazil still needs to address the fallout from its recent, bruising recession. He also said corruption scandals have hurt the country's industries.

Rabello de Castro's rebuke was extraordinary because he was appointed by Temer and it came just before the president arrived at the summit.

Temer was charged with bribery in June. Last week, the lower chamber of Congress voted not to send Temer to trial, but he could face more charges.

The National Development Bank loans to government entities nationwide.

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