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LatinNews Daily - 17 December 2020

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In brief: Brazil’s congress approves bill for budget guidelines

* Brazil’s congress has approved the budgetary guidelines law (LDO) for the 2021 budget, with the senate voting symbolically following the approval of the main text by the chamber of deputies yesterday (16 December). It must now be sanctioned by President Jair Bolsonaro. The LDO was approved in congress with the revisions submitted by the government the previous day, and notably lays out a fiscal deficit target of R$247.1bn (US$48.59bn) for the central government, equivalent to 3.16% of GDP, up from the R$149.61bn initially set as a target when the bill was presented back in April. The approval of the LDO – which outlines the government’s spending goals and priorities for the following year, as well as setting the limits to the budgets for the legislature, judiciary, and public prosecutor's office – is a necessary step in the budget approval process.