Brazilian President Dilma Rousseff said on Tuesday the country is far from experiencing a crisis, despite the economic hurdles it is facing.

Ms Rousseff pointed out that Brazil’s economic fundamentals remain solid. She added that the Government is working hard to ensure the economy recovers by the end of the year, by introducing new measures to promote investment and by opening bids for new infrastructure concessions, among other policies.

Meanwhile, Brazil’s Finance Minister Joaquim Levy told O Globo newspaper that a weak Brazilian real is not the main answer to the country’s economic challenges. The real tumbled this week to its weakest level against the U.S. dollar in over a decade.

“The idea that a weaker currency is the big solution to Brazil is not correct, despite its popularity in some circles,” Mr Levy said. “Most people understand that without a balanced budget we won’t grow,” he added.