Brazil interim president to argue fiscal target proposal before Congress

Interim President Michel Temer decided to go to Congress next Monday (May 23) to present the new fiscal target proposal for this year—a $48.1 billion budget deficit.

The estimated amount exceeds the $27.3 billion deficit announced in March by the economic team of President Dilma Rousseff, who is now suspended.

Temer met with his economic team before Finance Minister Henrique Meirelles announced the new proposal on Friday (20). His planned appearance before Congress is meant as a message of respect for the legislature, who must approve the new target, and an attempt to sensitize them to important economic measures for the government, beginning with the fiscal target.

The National Congress has until May 30 to approve Temer's new fiscal target proposal. The former proposal announced by Rousseff's administration in March—revising the $6.7 billion surplus to a $27.3 billion deficit—was left unvoted as Congress shifted its focus to the impeachment proceedings.

Translated by Mayra Borges