Budget Deficit Target in Brazil Raised by R$20 Billion in 2017

Lower-than-expected revenues led the Brazilian government to announce increase in deficit and cost-cutting measures.

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Unable to obtain the expected revenues Brazil’s federal government announced on Tuesday it was increasing the nation’s budget deficit target by R$20 billion this year, from R$139 billion to R$159 billion and further reducing costs.

“At first, everyone is against change in (budget deficit) target, including me,” said Finance Minister Henrique Meirelles at the much awaited press conference on Tuesday night. “(But) when revenue growth is shown, all [government and lawmakers] are responsible, realistic and consider the fiscal review as a consequence of revising inflation . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?