The Minister of Finance, Fernando Haddad, stated this Thursday (29) that the expected downward trajectory in the basic interest rate should take the public debt indicator to a “reasonable level”.
the Central Bank’s Monetary Policy Committee decided to maintain the basic interest rate at 15% per year, but signaled the start of monetary easing from the next meeting in March.
“This trajectory will be accommodated at a reasonable level, paying 10% real interest, there is no primary surplus compatible with the stabilization of public debt”, highlighted Haddad in an interview with the portal Metropolises. “Our debt is selicada. If the Selic increases, the debt increases”, he added.
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According to the last balance, . In October, it was at 78.4%.
This increase was influenced by appropriate nominal interest, net debt issues and the variation in nominal GDP.
Haddad denied that this growth was caused by the primary deficit, mentioning that there was an exponential reduction in this parameter between expenses and revenues under the current administration.
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“If the increase in debt had to do with the primary deficit, it would have exploded in 2020, when 25% of GDP was spent to fight the pandemic and 700,000 people died because they didn’t know what to do with the money,” he declared in criticism of the previous government.
The central government recorded a primary surplus of R$22.107 billion in December, accumulating a total negative balance of R$61.691 billion in 2025. Excluding extraordinary expenses that will not be accounted for when calculating the fiscal target, within the target range.
