Brazil’s oil rights auction to cut 2019 government deficit below $24 billion: treasury

Oct 17, 2019

(Reuters) – Brazil’s auction of oil prospecting rights may reduce the government deficit in 2019 to below 100 billion reais ($24.10 billion), Treasury secretary Mansueto Almeida told GloboNews TV channel on Thursday.

According to Mansueto, the Brazilian government expects to receive 48 billion reais from the transfer of rights oil auction.

Mansueto Almeida said the government may free up additional funds this year depending on the results of upcoming oil auctions.

“A new report on revenues and expenses is expected later in November and, if needed, with good results in (offshore) oil auctions it will be possible to free up additional funds,” he told journalists during Refinitiv’s Brazil Financial Summit in Sao Paulo.

Mansueto added the government expects to present administrative reforms this year, in a push to curb the public sector payroll.

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