Brazil's Fiscal Package Updates

BRASILIA (Reuters) – Brazil's finance minister stated on Monday that the remaining issues regarding a fiscal package to curb mandatory expenses have been resolved. However, President Luiz Inacio Lula da Silva wishes to introduce a new point into the discussions.

Recently, the Brazilian real has depreciated to multi-year lows against the U.S. dollar due to government delays in announcing a fiscal package aimed at controlling rising mandatory expenditures.

Finance Minister Fernando Haddad informed journalists on Monday that the previous outstanding issues hindering the package discussions from last week have now been addressed.

Haddad mentioned that he would meet with Lula on Tuesday to discuss presenting the package to the leaders of the Lower House and Senate. He expressed optimism that the measures could be approved by Congress this year.