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RIO DE JANEIRO, BRAZIL - Brazil faces a R$35 billion (US$7 billion) hole in its 2021 budget due to emergency aid payments being held over to next year and welfare benefits indexed to a higher inflation rate than anticipated, a source on the government’s economic team said.

The actual figure has not been determined yet because this year’s emergency expenditures to tackle the COVID-19 crisis have not been fully tallied. But it will put additional pressure on an already critical fiscal situation, according to the source, who asked not to be identified because the projection has . . .

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