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Globo Report Economic Team Looking To Erase Budget Deficit by End-2024

BRAZIL
  • Globo reported that the government are looking to erase the budget deficit by the end of 2024 under the new fiscal framework, which will replace the current spending cap. The plan aims to reduce the 2023 deficit to BRL 100b, versus the BRL 231b currently planned in the budget.
  • The Globo report affirms that new rule will be based on GDP per capita and will slow country’s spending when the economy is growing to form a cushion that allows the government to continue investing when activity is weaker.
  • On Tuesday, finance minister Haddad said the fiscal framework plan is ready and will be presented to President Lula this week.

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