Brazilian Parliament approves general budget for 2023, first year of Lula da Silva’s term in office
The Brazilian Parliament yesterday approved the general budget for 2023, the first year of President-elect Luiz Inácio Lula da Silva’s new term, with a considerable increase in public spending.
Federal deputies and senators approved Thursday in a joint session the budget for 2023, which contemplates state spending of R$5.340 trillion (US$1.1 trillion), of which 40 percent will go to public debt commitments and maturities.
The Brazilian budget for 2023 also contemplates the monthly payment of R$600 (about US$110) for the Bolsa Familia program, which provides assistance to the poorest, for social investments such as the popular pharmacy and school lunch programs, and investments in infrastructure, mainly in transportation and social housing.
In total, R$130.6 billion (US$25.115 billion) will be allocated for education and R$173.1 billion (US$ 33.3 billion) for health.
Also contemplated is an increase of almost 10 percent in the minimum wage, which will rise to R$1,230 (about US$230).
According to the budget, the Brazilian economy will expand by 2.5 percent in 2023, and inflation will be 4.5 percent, while the basic interest rate will average 12.4 percent.
“We fulfilled our duty as parliamentarians, as representatives of the people, to do what was within our reach to provide the country with an execrable, reasonable budget that can leave our country functioning.”
“The budgetary piece that came here was absolutely unenforceable”, explained the budget rapporteur, Marcelo Castro.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
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| ITUB4 | 38.60 | -1.03% | +4.57% | 39.00 | 39.34 | 38.39 | 29,487,800 |
| BBDC4 | 16.85 | +0.36% | +3.50% | 16.79 | 16.90 | 16.67 | 19,416,900 |
| BBAS3 | 19.37 | +0.47% | +0.73% | 19.28 | 19.44 | 19.16 | 11,069,200 |
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| CSNA3 | 4.30 | +0.47% | -42.65% | 4.28 | 4.41 | 4.26 | 10,076,100 |
| GGBR4 | 24.69 | +2.19% | +51.38% | 24.16 | 24.85 | 24.18 | 7,047,600 |
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