LatinNews Daily - 01 September 2023

* Brazil’s planning & budget minister, Simone Tebet, and finance minister, Fernando Haddad, have submitted to congress the draft legislation for the 2024 budget, Projeto de Lei Orçamentária Annual (PLOA). The government’s total proposed budget for the year would be R$5.54trn (US$1.12trn), and the ministries to receive the most funding would be the ministries of social security (R$935.2bn), social development (R$281.7bn) and health (R$231.3bn). The PLOA’s figures are based on government projections which predict primary revenue of R$2.7trn (23.7% of GDP) and primary spending of R$2.19trn (19.2% of GDP) in 2024. At a press conference held in the congress building, Tebet said that the PLOA would aim for zero deficit in 2024 and expressed optimism that this goal “will be achieved, despite the difficulties”. Haddad told the press that the budget was “very balanced” and added that the projections for government revenue were “conservative” estimates. Seeking to dispel concerns about the left-leaning government’s massive spending on social programmes, Tebet said that the budget will comply with fiscal discipline rules, as detailed in the fiscal framework which was approved by congress last week and took effect as of 31 August.