Brazil plans to keep sovereign wealth fund-Mantega

NEW YORK, April 27 | Mon Apr 27, 2009 4:24pm EDT

NEW YORK, April 27 (Reuters) - Brazil is not planning on tapping its recently-created sovereign wealth fund this year despite a fall in government revenues, Finance Minister Guido Mantega said on Monday.

"I'd rather not use it. It is one additional resource that we have to ensure a solid primary (budget) surplus," the minister told investors in New York.

He said the resources of the wealth fund will not be used this year as the government already reduced its primary fiscal target. The fund could be tapped in 2010, however, if necessary be, the added. (Reporting by Walter Brandimarte)

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