Brazilian President Jair Bolsonaro's government unveiled a bundle of wide-r...
BRASILIA - Brazilian President Jair Bolsonaro’s government unveiled a bundle of wide-ranging reforms on Tuesday, aimed at cutting spending and reducing the size of the state to drive down its chronic fiscal deficit.
Another proposal seeks to end the government’s mint monopoly, allowing a private contractor to print the country’s currency. Guedes said that measure was a priority to start reducing spending and he hoped it would be approved before the end of the year with the help of lawmakers. Lawmakers, however, say none of the major reforms Bolsonaro’s government has proposed will pass this year. There is a tight window in 2020 to pass laws before campaigning starts for local elections in October.
But with interest rates at a relatively low level and the government committed to respecting a federal spending cap, Guedes said Brazil could eventually return to having a primary budget surplus.
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