Treasury further reduces deferred expenditures

The federal government will spend R$15 billion to R$20 billion in December to further lower the level of deferred expenditures ("restos a pagar"). Officials plan to spend a total of R$73.5 billion this year paying expenditures created in previous years but still not covered. The central government is forecast to post a R$170.5 billion deficit, as targeted by the Treasury, the Central Bank and the Social Security prgram. “We spent a lot of time discussing whether the target would be achieved. Now our conditions to meet the target are very clear,” Treasury Secretary Ana Paula Vescovi told Valor.