Budget Cuts in Brazil Are Necessary, Lula Official Says
(Bloomberg) -- Budget cuts in Brazil are necessary in light of President Luiz Inacio Lula da Silva’s commitment to fiscal responsibility, Chief of Staff Rui Costa told reporters Thursday after a meeting between the president and his cabinet.
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Lula said he didn’t want his team to present new spending proposals but to execute those that had already been announced, Costa said.
During his speech to open the meeting, Lula said he is “optimistic” about the country’s economy because data has been positive despite an uncertain international scenario. Brazil “inflation is absolutely balanced,” he added.
Tax Exemption
Compensation for payroll tax relief will be included on Congress’s agenda next week, based on a decision made during a meeting between lawmakers and Senate head Rodrigo Pacheco, according to Poder360 website. The project to renegotiate states’ debt is also on the agenda.
The Senate will make a concentrated effort next week to try to unlock the economic agenda, as it is one of the final weeks of in-person sessions before October’s municipal elections, the website said.
Nicaragua
Lula will expel Nicaragua’s ambassador to Brazil, deepening a rift between the leftist leader and traditional ally Daniel Ortega, according to a person familiar with the situation.
The move came in response to Ortega’s decision to boot Brazilian ambassador Breno da Costa from Nicaragua after the diplomat declined to attend a ceremony marking the 45th anniversary of the Sandinista revolution in July, according to local media.
Brazil’s foreign affairs ministry confirmed the decision in a statement Thursday evening.
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