Economic news

Brazil’s Tebet says 2024 budget bill to include zero-deficit target, extra spending of $26.5 billion

2023.08.30 16:53


© Reuters. Brazil’s Planning and Budget Minister Simone Tebet attends a ceremony at the Planalto Palace in Brasilia, Brazil August 30, 2023. REUTERS/Adriano Machado

SAO PAULO (Reuters) – Brazilian Planning Minister Simone Tebet said on Wednesday the 2024 budget bill that the government is set to send to Congress this week will include the previously announced goal of zeroing the country’s fiscal deficit, in addition to a boost in public spending.

“We are not debating changing that target,” Tebet told journalists after local media outlets reported the economic team was considering loosening the goal to accommodate higher public spending.

In a congressional hearing later on Wednesday, Tebet reiterated this commitment, highlighting that the proposed bill, set to be submitted to lawmakers on Thursday, will outline a 129 billion reais ($26.5 billion) increase in primary expenditures, which exclude the payment of public debt interest.

This calculation aligns with President Luiz Inacio Lula da Silva’s new fiscal rules, which Congress passed earlier in August, imposing a more lenient ceiling on government spending, capped at 70% of any upswing in revenue but restricted to 2.5% above inflation. The previous cap limited spending growth to inflation from the previous year.

According to Tebet, 2024 expenditures will increase by 1.7% above inflation.

The minister also said that the extra spending room of 129 billion reais will predominantly be absorbed by mandatory allocations, leaving only 9 billion reais at the disposal of the executive branch.

($1 = 4.8650 reais)

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 81,976.96 1.12%
ethereum
Ethereum (ETH) $ 1,891.43 1.60%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.29 3.21%
bnb
BNB (BNB) $ 581.06 0.89%
solana
Solana (SOL) $ 124.70 1.07%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 0.71307 0.81%
dogecoin
Dogecoin (DOGE) $ 0.168415 0.91%
tron
TRON (TRX) $ 0.225219 0.70%
staked-ether
Lido Staked Ether (STETH) $ 1,888.53 1.37%
pi-network
Pi Network (PI) $ 1.68 1.39%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 81,714.89 1.24%
leo-token
LEO Token (LEO) $ 9.72 0.41%
chainlink
Chainlink (LINK) $ 13.28 1.61%
stellar
Stellar (XLM) $ 0.273859 4.11%
usds
USDS (USDS) $ 1.00 0.04%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,265.64 1.77%
hedera-hashgraph
Hedera (HBAR) $ 0.189502 2.11%
avalanche-2
Avalanche (AVAX) $ 18.53 0.52%
shiba-inu
Shiba Inu (SHIB) $ 0.000012 2.47%
the-open-network
Toncoin (TON) $ 2.81 4.56%
sui
Sui (SUI) $ 2.17 2.49%
litecoin
Litecoin (LTC) $ 88.81 0.23%
bitcoin-cash
Bitcoin Cash (BCH) $ 326.77 3.06%
mantra-dao
MANTRA (OM) $ 6.24 3.10%
polkadot
Polkadot (DOT) $ 4.03 2.82%
ethena-usde
Ethena USDe (USDE) $ 0.99979 0.01%
weth
WETH (WETH) $ 1,891.44 1.61%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.17%
bitget-token
Bitget Token (BGB) $ 4.21 0.63%
hyperliquid
Hyperliquid (HYPE) $ 13.04 2.80%
whitebit
WhiteBIT Coin (WBT) $ 28.15 1.26%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,008.78 1.55%
monero
Monero (XMR) $ 207.75 0.56%
uniswap
Uniswap (UNI) $ 5.87 2.03%
susds
sUSDS (SUSDS) $ 1.04 0.03%
near
NEAR Protocol (NEAR) $ 2.64 4.97%
dai
Dai (DAI) $ 0.999902 0.01%
aptos
Aptos (APT) $ 5.14 1.92%
pepe
Pepe (PEPE) $ 0.000007 0.25%
ethereum-classic
Ethereum Classic (ETC) $ 18.02 2.02%
ondo-finance
Ondo (ONDO) $ 0.840662 0.06%
internet-computer
Internet Computer (ICP) $ 5.48 0.69%
gatechain-token
Gate (GT) $ 20.53 2.15%
okb
OKB (OKB) $ 42.09 1.57%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 81,923.95 1.24%
aave
Aave (AAVE) $ 164.08 3.26%
mantle
Mantle (MNT) $ 0.723958 2.48%
official-trump
Official Trump (TRUMP) $ 11.47 7.36%