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2022 Budget Plans Omit Re-Launch of Bolsa Familia

BRAZIL
  • Senate Head Pacheco spoke late yesterday, stressing the importance of fiscal responsibility alongside the need to help the vulnerable. Pacheco stated a new social program format had not yet been defined, but it is possible to combine a new program while preserving a solid fiscal footing.
  • The comments follow the submission of 2022 budget proposals from the finance ministry, which see a reduction in the primary deficit to 0.5% of GDP (or BRL 49.6bln). This is considerably below sell-side forecasts of circa BRL 171bln.
  • Notably, the submission omitted funding for the relaunch of the Bolsa Familia program, a key part of Bolsonaro's re-election campaign.
  • The BCB hold another regular FX swap operation, with the bank rolling over 15,000 contracts Wednesday. Manufacturing PMI is due at 1400BST/0900ET, follow's July's 56.7 print. Trade balance data is due later, seen showing a surplus of $7.5bln.

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