February 20, 2014 9:28 AM

BRASILIA, Feb 20 (Reuters) – Brazil will continue to reduce its debt-to-GDP ratio with the new fiscal savings target announced on Thursday, Brazilian Finance Minister Guido Mantega said.

Mantega told reporters that the global crisis makes it difficult for Brazil to achieve larger budget surpluses. Brazil lowered its 2014 primary budget surplus target to 1.9 percent of GDP from 2.3 percent last year in a move to convince markets that it can meet the elusive fiscal savings goal.