Brasília - The primary surplus (revenues minus expenses, excluding interest payments) accumulated by the Central Government (Federal Treasury, Social Security, and the Central Bank) between January and September amounts to US$ 16.1 billion (R$ 46.2 billion). This figure is almost US$ 1.7 billion (R$ 5 billion) superior to the US$ 14.3 billion (R$ 41.1 billion) target established by the Budgetary Guidelines Law (LDO) for 2004.

When he detailed these numbers, yesterday (28), the Secretary of the Federal Treasury, Joaquim Levy, pointed out, however, that the government expects a deficit in its accounts in December, due to seasonal factors, such as payment of the year-end salary bonus.

The Central Government's primary surplus in September was US$ 1.6 billion (R$ 4.7 billion), thanks to the Federal Treasury's US$ 2.5 billion (R$ 7.2 billion) surplus, counterbalancing deficits of US$ 3.5 million (R$ 10 million) and US$ 910 million (R$ 2.6 billion) in the Central Bank and Social Security, respectively.

Social Security receipts grew from US$ 19.1 billion (R$ 54.8 billion) last year to US$ 22.7 billion (R$ 65 billion) this year, according to Levy, as a result of the creation of 1.7 million new jobs. The ceiling for social security contributions was raised, as well.

During the period between January and September, Social Security benefit outlays rose from US$ 25.1 billion (R$ 71.8 billion) in 2003 to US$ 29.6 billion (R$ 84.8 billion) in 2004.

Agência Brasil
Reporter: Edla Lula
Translator: David Silberstein
10/29/2004