Brazil’s Congress approved on Wednesday evening (Dec.13) the 2018 Federal Budget budget law, with expenditures estimated at of R$ 3.57 trillion (US $ 1.07 trillion). Investments of R$ 68.8 billion (about US $ 20.6 billion) were foreseen for 2018. The text follows for presidential sanction.
The proposal foresees growth of 2.5% of the economy in 2018 and expenses with Social Security of R $ 585 billion. (US $ 75.5 billion). Interest payments on public debt will reach R$ 316 billion (US $ 94.8 billion).
The Law estimates the federal government’s primary deficit at R$ 157 billion (US $ 47.1 billion) in 2018. The number is slightly lower than the R $ 159 billion determined by the Budget Guidelines Law (LDO) as the fiscal target for next year.
The budget piece was harshly criticized by the opposition, which pointed to cuts in social programs.