May 14, 2020 / 3:01 PM / in 18 days

Brazil primary deficit could top 9% of GDP - Treasury Secretary

BRASILIA, May 14 (Reuters) - The Brazilian government’s primary budget deficit excluding interest payments could exceed 9% of gross domestic product this year, Treasury Secretary Mansueto Almeida said on Thursday, adding that the national debt could top 90% of GDP.

Speaking at a virtual public hearing in Congress broadcast online, Almeida also said the government’s fiscal ‘golden rule’ of not raising debt to pay for current expenses will not be met until 2023, and will have to be modified somehow. (Reporting by Marcela Ayres Writing by Jamie McGeever Editing by Chizu Nomiyama)

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