Brazil releases $100bn

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Brazil's Ministry of Planning has sent to the Brazilian National Congress the Draft 2012 Budget Law. The planned investments for next year total $100bn, of which $35bn come from the fiscal budget and $65bn of state companies. The amount is 8.3% higher than in 2011. Much of this investment will be done in the context of the second Growth Acceleration Program (PAC 2).

The parameters considered for the preparation of the Budget foresee a GDP growth of 5%, an inflation rate of 4. 8%, an average exchange rate of R$ 1. 64 per dollar and a Selic interest rate of 12. 5% per year. The primary surplus target follows the rule laid down in the Budget Guidelines Law, and has the nominal value of $85bn.

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