Brazil’s Leader endorses fiscal law with zero-deficit goal

Luiz Inacio Lula da Silva
Luiz Inacio Lula da Silva

Brazilian President Luiz Inacio Lula da Silva promulgated the 2024 Budgetary Guidelines Law on Sunday, which calls for a zero primary deficit target in public spending.

The law was published in Tuesday’s edition of the Government Gazette, outlining the framework for the year’s budget, including revenue forecasts and limits on public spending. Brazil’s public spending has recorded successive primary deficits since 2014. The law also establishes guidelines for legislative amendments and imposes a cap on the 2024 Electoral Fund.

The president vetoed a legislative timetable set by Congress to implement amendments that seek to increase the congressional body’s say over public spending. He also vetoed superfluous expenses that were included as budget items.

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