The federal government updated the 2025 budget expense containment to R$ 7.7 billion, a R$ 4.4 billion reduction from the previous projection of R$ 12.1 billion. The measure, disclosed in the 5th bimonthly Revenue and Primary Expenses Assessment Report (RARDP) on November 21, aims to meet the zero deficit fiscal target. The rise in state-owned companies' deficit, driven by Correios, will require an additional R$ 3 billion Treasury contribution.
On November 21, the Ministry of Finance and the Ministry of Planning and Budget released the 5th bimonthly Revenue and Primary Expenses Assessment Report (RARDP), updating the 2025 budget expense containment to R$ 7.7 billion. Of this, R$ 4.4 billion are blocks and R$ 3.3 billion contingencies, a drop of R$ 4.4 billion from the previous R$ 12.1 billion projection. This reduction stems from expense cancellations, such as R$ 3.8 billion in mandatory items, and exclusion of Defense investments from the fiscal target.
The 2025 fiscal target is a zero primary deficit, excluding items like R$ 40.6 billion in court debts and R$ 3.3 billion in INSS reimbursements. However, the projected deficit for federal state-owned companies rose to R$ 9.2 billion, exceeding the R$ 6.2 billion target, with up to R$ 5 billion abatement possible for PAC investments. The R$ 3.7 billion increase in the shortfall is mainly due to Correios, which forecast a R$ 10 billion loss in 2025 after a R$ 4.4 billion negative in the first semester. The company is negotiating a R$ 20 billion loan for restructuring, approved on November 19.
The total Treasury contribution for state-owned companies will be R$ 13.4 billion, affecting other expenses to uphold the fiscal framework. Macroeconomic updates include GDP at 2.24%, Selic at 14.29%, inflation at 4.64%, and dollar at US$ 5.59. The first containment occurred on May 22, freezing R$ 31.3 billion. PLDO projections indicate surpluses from 2026: 0.25% of GDP (R$ 33.1 billion).