Minister of Finance also predicted a drop in Selic to 11.75% at the next Copom meeting edit
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247 – The Minister of Finance, Fernando Haddad, gave a positive assessment of the economy this Saturday during a Workers’ Party (PT) event in the federal capital, Brasília. He expressed the expectation that the Selic rate will reach 11.75% at the next meeting of the Monetary Policy Committee (Copom) and projected that Brazil will close 2023 with the creation of 2 million new formal jobs.
However, he addressed the challenges for budget execution. The minister acknowledged the difficulty the government will face in executing the entire 2023 Budget, citing the lack of staff as one of the main obstacles. He admitted: “I shouldn’t be saying this, but we won’t be able to fully execute the Budget this year. We are still in the process of holding competitions to hire civil servants.” According to Haddad, the lack of human resources is one of the reasons that contribute to this situation.
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According to information reported by the newspaper Valor Econômico, more than R$28 billion in resources are currently blocked in ministries. Of this amount, R$24.163 billion is allocated to ministries and other government entities. The blocking of resources represents a significant challenge for the implementation of the Budget, with bureaucratic issues, budget rigidity and expired deadlines being cited as reasons for this difficulty.
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