Brazil Denies That It Saved Too Much to Guarantee Surplus

    Brazil’s secretary of the National Treasury, Joaquim Levy, declared that the Brazilian government did not go overboard in economizing funds to guarantee a primary surplus.

    According to Levy, "the savings were marginally higher," affording greater tranquility to the government’s accounts.

    The Central Government, which comprises the National Treasury, the Central Bank, and the Social Security system, managed to amass a surplus of US$ 23.450 billion (52.488 billion reais) in 2005.

    The savings are equivalent to 2.72% of the Gross Domestic Product (GDP), the sum of all wealth produced in the country. The surplus was US$ 2.743 billion (6.14 billion reais) greater than the target set for the year.

    This is a preliminary result, since it does not include the accounts of the states, municipalities, and federal government enterprises.

    According to the secretary’s forecast, the consolidated surplus, which will be announced on Monday, January 30, will also surpass last year’s target of 4.25% of the GDP.

    "The signs point to the states’ having exceeded the target," Levy commented, noting that part of the federal tax revenue surplus is transferred to the states.

    Agência Brasil

    Tags:

    • Show Comments (0)

    Your email address will not be published. Required fields are marked *

    comment *

    • name *

    • email *

    • website *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Ads

    You May Also Like

    International Monetary Fund Managing Director Dominique Strauss-Kahn

    IMF Sees Overheating Risks with Prospects of Brazil Growing 7% in 2010

    Brazil can grow as much as 7% this year, raising the risk of overheating, ...

    Brazil’s Textile Industry Adopts Bank Hours to Prevent Job Losses

    Employers and employees in the São Paulo textile industry, responsible for 40% of domestic ...

    Brazil Favorite to Win World Cup Followed by Argentina

    With the draw for the 2006 World Cup taking place today in Leipzig, Germany, ...

    São Francisco hydroelectric plant

    Blackout Leaves Brazil Northeast for Hours in the Dark

    Thursday night, a blackout hit the Brazilian northeastern states of Alagoas, Bahia, Ceará, Paraíba, ...

    Petrobras to build ethanol pipes

    After Joining Japanese Brazil Looks for More Partners for Ethanol Pipes

    Besides ensuring the Brazilian self-sufficiency in oil, Petrobras is also working to contribute to ...

    Ford Brasil, Camaçari plant

    Brazil Industry Grows Again After Two Months of Decline

    The Brazilian industry recorded a 1.8% growth in production in January, compared with December ...

    Brazilian factory

    Brazil’s GDP Grows 4.3% in First Quarter Reaching US$ 307 Billion

    Brazil's Gross Domestic Product (GDP) for the first quarter this year grew by 4.3% ...

    Cesare Battisti

    Lula Now Has to Decide Whether This Italian is a Freedom Fighter or a Murder

    The Italian prime minister Silvio Berlusconi arrives in Brasília on March 8. It is ...