Brazil's Gross Debt Falls in July to Lowest Level Since the Pandemic Beginning

Brazil's government debt fell to its lowest level since the start of the coronavirus pandemic amid favorable fiscal data, central bank data showed on Wednesday, Reuters reported. The country's debt as a share of gross domestic product dropped to 77.6% in July, from 78% in June, the lowest figure since March 2020, when it reached 77.03%. At the peak of the spending spree to fight the pandemic, the indicator reached 89% of GDP. According to the central bank, the Brazilian public sector recorded a primary surplus of 20.44 billion reais ($3.95 billion) in July, reversing a 10.283 billion reais deficit from the same month last year. The central government surplus reached 19.961 billion reais in July, while states and municipalities recorded a 1.76 billion reais surplus. State-owned companies, on the other hand, had a primary deficit of 1.28 billion reais. Read more.