BUDGETARY OPTIMISM
Government unveils 2026 budget proposal with many blind spots
Finance Minister Fernando Haddad and Treasury Secretary Rogério Ceron: rose-tinted estimates? Photo: Washington Costa/MF
The Luiz Inácio Lula da Silva administration on Friday submitted its 2026 budget proposal to Congress. The plan adheres to the rules of Brazil’s fiscal framework and sets a primary surplus target of BRL 34.3 billion (USD 6.3 billion, or 0.25% of GDP) for the central government, though the framework allows for a tolerance band of ±0.25% of GDP. This year’s official goal was to balance the books.
As things stand, however, the surplus will only be possible because…
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