The 2013 surplus may require "adjustments," says the secretary.
Arno Augustin, from the National Treasury, stated in an interview that the participation of states and municipalities in the fiscal target could be adjusted, but did not say whether the target for this year will be lower than that of 2012; "The government will evaluate"; for him, the opposition's criticism that the economic team made "fiscal maneuvers" to meet last year's target is "uneconomical" and "crude".
247 – The 2013 primary surplus may be subject to adjustments by the federal government, as indicated by the National Treasury Secretary, Arno Augustin. In an interview given to the newspaper Valor Econômico, published this Monday the 21st, however, he did not give further details on the matter, only indicating that changes should be made in the participation of states and municipalities.
Last year, the difference between the government's target and the actual surplus figures was quite large: R$ 42,8 billion was expected, but the year's surplus is projected to close between R$ 20 billion and R$ 25 billion. The secretary said he doesn't yet know what needs to be done this year for improvement, but that "an intelligent person" can identify where the problems have been.
"We've had a primary surplus policy for a long time, which is flexible. It's flexible because Brazil, after many years, earned the right to reduce its debt-to-GDP ratio each year, even if it doesn't have a surplus of 3,1% of GDP. What dictates the outcome is the economy. So, the option of maintaining a certain target, but with adjustments, was chosen a long time ago and is based on the economy. That's what we did in 2012," declared Augustin.
When questioned about how the government acted to meet the 2012 fiscal targets, the secretary responded with a question to reporters Eduardo Campos and Edna Simão: "Do you have financial investments? Do you think it's right for someone to say that you shouldn't use the resources from your investments?". He then added that "this type of criticism is uneconomical" and "crude, from someone who merely wants to create an atmosphere of complete turbulence, when the government did the obvious".
Regarding the 2013 surplus, Augustin stated that "what matters is the economy," without giving a specific number or saying whether it should be higher or lower than in 2012. "We will decide. But today, whether the primary surplus is slightly above or slightly below is not so important," he said. On the subject of the government's credibility, questioned in light of recent criticism regarding what the opposition called "fiscal maneuvers," the secretary stated that Brazil has the lowest interest rates in its history for 10-year and 40-year bonds and domestic interest rates. "That's credibility; the rest, excuse me, is ideology."