The head of the Economic Department at the Central Bank, Altamir Lopes, says that two factors will improve the primary account in the near future: more tax revenue and cuts in government spending. Lopes spoke after the ”consolidated” primary surplus in May came in at R$1.43 billion, the lowest since 1991 when records began.
Meanwhile, the National Treasury released its primary account figures (which is calculated differently) showing a defict of R$509.7 million, the worst result since 1999.
Altamir Lopes said that over the next few months two things will happen. The primary surplus will rise and the Central Bank and National Treasury figures will converge.