Brazil ended 2020 with a debt of 94% of GDP, the finance minister said | Instant News


PHOTO PHOTO: Brazilian Finance Secretary Mansueto Almeida attended an interview with Reuters in Brasilia, Brazil February 12, 2020. Photo taken February 12, 2020. REUTERS / Adriano Machado / Photo File

BRAZIL (Reuters) – Brazil will end in 2020 with a debt of 94% of the country’s gross domestic product, Finance Minister Mansueto Almeida said on Monday, adding that Brazil needed to show its commitment to carry out additional fiscal reforms to reduce the figure.

The government last month revised its official 2020 debt estimate, which is now 93.5% of GDP. But it is based on the assumption that GDP contracted by 4.7%, which already looks optimistic. The median estimate in a Reuters poll showed economists recording a 6.3% contraction.

Reporting by Gabriel Ponte; Writing by Gram Slattery; Editing by Leslie Adler

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