RIO DE JANEIRO, BRAZIL - The State of Rio has an accumulated debt of R$118 billion (US$29.5 billion) to the federal government, as reported by the State Treasury Secretary, Luiz Cláudio Rodrigues de Carvalho, during a public hearing of the Budget and Tax Committees of the Legislative Assembly of Rio de Janeiro (ALERJ) on August 20th.

The debt exceeds the 200 percent threshold over net revenue allowed under the Fiscal Responsibility Law (LRF).

The secretary said that the state has 263 percent of its budget compromised and reducing this percentage is the government's greatest concern. The . . .

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