Brazil's new finance minister, Fernando Haddad, said on Monday he would propose a new fiscal anchor in the first half of this year as leftist President Luiz Inacio Lula da Silva's team works to 'restore' public accounts.
Brazil's former President and presidential candidate Luiz Inacio Lula da Silva and Sao Paulo Governor candidate Fernando Haddad react at an election night gathering on the day of the Brazilian presidential election run-off, in Sao Paulo, Brazil, October 30, 2022. REUTERS/Mariana Greif/File Photo
In his first speech in office, Haddad said the government would not accept the "absurd" 220 billion-real primary deficit forecast in this year's budget, indicating it will work to reduce it. Prior to taking office, Haddad had stated that the measure - which has an annual impact of 52.9 billion reais - would not be extended.
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