Weekly Report - 07 September 2023 (WR-23-36)

The federal government unveiled its legislative proposal for the 2024 budget on 31 August and submitted it to congress. Despite the proposed budget totalling R$5.54tn (US$1.12tn) for next year, with huge funding for social programmes, the minister for planning & budget, Simone Tebet, insisted that the government will aim for zero deficit in 2024. The finance minister, Fernando Haddad, also present at the press conference in which Tebet announced the budget proposal, highlighted that the government-backed fiscal discipline framework has now been approved and should ensure the guard rails against potential overspending.