Brazil's government outlined an ambitious plan to rescue its public accounts from deficit which hinges on securing 168.5 billion reais ($34 billion) in extra revenue, according to the 2024 budget bill sent to Congress on Thursday.
The proposal forecast that the central government - comprising the Treasury, central bank, and social security - would end next year with a primary surplus of 2.8 billion reais , adhering to the official goal of a zero deficit.
The figure would imply a significant turnaround from the government's projected primary deficit of 145.4 billion reais for this year. Its feasibility is viewed with skepticism within the market, primarily due to its substantial dependence on initiatives whose capacity to generate revenue remains uncertain or that pend approval from Congress, where the government of leftist President Luiz Inacio Lula da Silva lacks a consolidated majority.
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