December 18, 2019 / 2:20 AM / 8 months ago

Brazil congressional committee approves 2020 budget

BRASILIA, Dec 17 (Reuters) - A Brazilian congressional committee on Tuesday approved the government’s budget for next year, with the bill based on projected 2.32% GDP growth in 2020 to be put to a vote in a joint session of Congress on Wednesday.

The budget proposal would raise the minimum wage earned by Brazilian workers to 1,031 reais ($246) a month from 998 reais ($238).

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 government’s primary budget deficit target is set at 124.1 billion reais ($29.6 billion).

With lawmakers facing local 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 finally agreed to the original amount.

$1 = 4.1964 reais $1 = 4.1964 reais Reporting by Maria Carolina Marcello; Editing by Peter Cooney

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