Brazil economy ministry rejects Lula transition team's judgment on finances

Brazil's Economy Ministry on Sunday rejected assertions by president-elect Luis Inacio Lula da Silva's transition team that the outgoing administration was leaving government finances 'bankrupted.'

Brazil's economy minister nominee Fernando Haddad looks on as President-elect Luiz Inacio Lula da Silva talks during a news conference at the transition government building in Brasilia, Brazil December 9, 2022. REUTERS/Adriano Machado

The Economy Ministry said in a statement that gross debt will reach 74% of GDP by the end of the year, with a primary surplus of 23.4 billion reais, the first since 2013. Last week, the Planning and Budget group in Lula's camp said President Jair Bolsonaro is leaving the Brazilian state "bankrupted," according to former minister and transition team member Aloizio Mercadante.

The government said expenses to help the most vulnerable part of the population since the beginning of the COVID-19 pandemic have prevented raises to public servants through 2021.

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