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Brazil: Outgoing Pres Temer says leaving budget deficit under 130b reais

Last update: 07/12/2018
BRASILIA, Dec 7 (BERNAMA-NNN-AGENCIES) -- Outgoing Brazilian President Michel Temer said his government will leave a primary budget deficit of less than 130 billion reais (US$33.3 billion) when he hands over the reins to President-elect Jair Bolsonaro on Jan 1.

Temer told reporters that Brazil could take up to 10 years to balance its federal budget. He urged Congress to pass his proposal for a minimum retirement age to advance the pension reform that his successor will inevitably have to tackle.

Due to an increase in the population’s age and the number of retirees, Brazil’s generous pension system is becoming a bigger chunk of the country’s budget deficit. Investors and credit rating agencies are watching how the matter is dealt with because it is adding to a mounting public debt.


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