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SaltWire's Atlantic regional weather forecast for October 30, 2023 | SaltWireBRASILIA - Brazilian Finance Minister Fernando Haddad said on Monday that as long as he is in his job he will look to ensure"fiscal balance", but stopped short of saying the government's goal of erasing the budget deficit in 2024 remains in place.
The president's statement triggered a negative reaction in the market and further eroded confidence in his commitment to fiscal responsibility. Instead, he emphasized that he would seek fiscal rebalancing in the face of a challenging scenario, acknowledging significant tax concessions that erode Brazil's tax collection base and high borrowing costs.
Haddad also said he had received instructions from the president to share this scenario with lawmakers.
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