*Brazil’s planning & budget ministry has announced that it has blocked R$2.9bn (US$581m) in discretionary expenses in order to meet the government’s fiscal objective. The blocked amount corresponds to 0.14% of the government’s total spending limit for 2024. The government has previously stated that it would aim for a zero-deficit target this year, but according to the current fiscal rules in place, a primary deficit of 0.25% of GDP would still be accepted within the target range. The ministries of finance and planning & budget released a spending evaluation report on 22 March which forecast a deficit of R$9.3bn for 2024, which would fall within the target range.
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LatinNews Daily - 25 March 2024
In brief: Brazil’s gov’t blocks spending to meet fiscal target
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