Weekly Report - 04 July 2024 (WR-24-26)

BRAZIL | Government plans spending cuts. The finance minister, Fernando Haddad, announced on 3 July that the government was willing to reduce its expenditure for 2025 by R$25.9bn (US$4.7bn). The decision came after a meeting with President Luiz Inácio Lula da Silva in which they discussed the concerns from the markets about the Lula administration’s fiscal situation. The government is expected to announce later this month exactly which ministries and departments will have their budgets lowered.