Brazil sets to close budget deficit within two years


01/18/2023

According to Fernando Haddad, Brazil's minister of economy, the country wants to implement tax reform and close the state budget deficit in the next two years.



L.C. Nøttaasen
Haddad stated during the WEF session that "we aspire to return to the pre-crisis pandemic budget revenues and spending, which is 18.7% (of GDP). If we reach that in two years, we can erase the deficit, and it will be simpler if we have a tax reform."

The approval of the tax reform, which is intended to ease payment of taxes and should assist raise money for the state coffers, is one of the minister of economy of Brazil's top priorities for the first six months of the government.

The current Brazilian budget, enacted by Congress while Jair Bolsonaro was in office, has a 231.5 billion reais ($45.3 billion) deficit.

source: reuters.com