May 22, 2020 / 8:42 PM / 3 days ago

Brazil debt to hit record 93.5% of GDP this year: Economy Ministry

BRASILIA (Reuters) - Brazil’s national indebtedness will soar to record levels this year due to the coronavirus crisis, with gross national debt reaching 93.5% of gross domestic product and net debt hitting 67.6% of GDP, the Economy Ministry said on Friday.

In a presentation released late on Friday, the ministry also said the central government’s primary deficit could widen to 675.7 billion reais ($121 billion), or 9.4% of GDP, once emergency measures not yet formally approved are factored in.

This would also see the broad public sector deficit widening to 708.7 billion reais, or 9.9% of GDP.

Reporting by Marcela Ayres and Jamie McGeever; Editing by Chris Reese

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