Brazil Pays Another US$ 4 Billion in Interest on Debt

    Brazil government’s non-financial sector (federal government, states, muncipalities and their state-owned enterprises) primary surplus reached US$ 3.0 billion (8.2 billion reais) in October – 35.67% above the September surplus of US$ 2.213 billion (6.044 billion reais).

    The October result elevated the cumulative primary surplus for the year to US$ 28,550 billion (77.971 billion reais), the equivalent of 5.6% of GDP.


    The result is US$ 5.1 billion (14 billion reais) over the result for the same period last year (US$ 23 billion (64 billion reais), the equivalent of 5.15% of GDP).


    With the result, the government should easily reach its year end target of a 4.50% of GDP primary surplus.


    In October, the federal government (Treasury, Central Bank and Social Security) had a primary surplus of US$ 2.019 billion (5.515 billion reais).


    States and municipalities had a primary surplus of US$ 466 million (1.274 billion reais) and state-run enterprises US$ 517 million (1.411 billion reais).


    In October Brazil paid US$ 4.06 billion (11.1 billion) in interest on its debt. That was down US$ 146 million (400 million reais) from September.


    Cheaper Dollar


    Brazil’s Minister of Development, Industry and Foreign Trade, Luiz Fernando Furlan, says that Brazil should take advantage of the cheaper dollar and strengthen its reserves, boost trade and pay off dollar debts, especially companies in the private sector.


    Furlan also announced that the government should announce measures to stimulate industrial and commercial activity at a meeting of the Industrial Development Council in December.


    The measures should go into effect in 2005 and will reduce taxes for maritime ports and so-called dry ports.


    Agência Brasil
    Translator: Allen Bennett

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