December 18, 2019 / 11:07 AM / a month ago

Brazil Congress approves 2020 budget projecting 2.32% GDP growth

BRASILIA (Reuters) - Brazil’s Congress late on Tuesday approved the federal government’s budget for next year, based on projected economic growth of 2.32%, with the bill passing to President Jair Bolsonaro for final approval.

The budget totals 3.867 trillion reais ($921.50 billion) with 917.1 billion reais allotted for refinancing public debt.

It also makes provision for raising the minimum monthly wage to 1,031 reais ($246) from 998 reais.

The government projections contained in the budget proposal see inflation at 3.52% for next year, the benchmark Selic interest target at 4.40% and an average exchange rate of 4 reais to the dollar.

The primary budget deficit target is 124.1 billion reais.

With lawmakers facing municipal elections in their constituencies in October, the committee had initially almost doubled the government’s proposal for 2 billion reais in public campaign funding to 3.8 billion reais, but eventually agreed to the original amount.

($1 = 4.1964 reais)

Reporting by Maria Carolina Marcello and Pedro Fonseca; Editing by Peter Cooney and John Stonestreet

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