Economy Minister Paulo Guedes (left) and Chief of Staff Walter Braga Netto. Photo: Alan Santos/PR
The Economy Ministry has widened its fiscal target for the year on the basis of an expected BRL 540.5 primary deficit, due to the increase in the public expenditures related to the Covid-19 pandemic, as shown by its latest fiscal report. It is the second time the government has widened its target, with the deficit initially predicted as BRL 124 billion for 2020.
According to Economic Policy Secretary Waldery Rodrigues, without the state of public calamity and the “war budget” approved by Congress, “we would have to make a massive restraint on the budget (…) of BRL 416.4 billion,” in order to reach the previous target.
Revenue, excluding transfers, is expected to drop BRL 111.24 billion this year. Expenses, meanwhile, increased by BRL 267.6 billion due to Covid-19, reaching BRL 1.75 trillion.
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