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Brazil’s Congress Approves New 2015 Fiscal Target

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – After weeks of uncertainty, Brazil’s Congress finally approved a bill to change the government’s fiscal target, which is now a deficit of R$119.9 billion for 2015. According to Brazil’s Planning, Budget and Administration Minister, Nelson Barbosa, the approval solves ‘once and for all’ the issue of government loans still not paid to public banks.

“The target includes a clause that allows the government to pay off liabilities, determined by the TCU (Federal Accounts Court),” said Barbosa. “With this (approval) pre-programmed discretionary expenditures will be . . .

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