U.S. Markets closed
  • S&P 500

    4,704.54
    +15.87 (+0.34%)
     
  • Dow 30

    35,870.95
    -60.10 (-0.17%)
     
  • Nasdaq

    15,993.71
    +72.14 (+0.45%)
     
  • Russell 2000

    2,363.59
    -13.42 (-0.56%)
     
  • Gold

    1,861.20
    -0.20 (-0.01%)
     
  • Silver

    24.88
    -0.02 (-0.08%)
     
  • EUR/USD

    1.1369
    -0.0006 (-0.0568%)
     
  • 10-Yr Bond

    1.5890
    -0.0150 (-0.94%)
     
  • Vix

    17.59
    +0.48 (+2.81%)
     
  • GBP/USD

    1.3497
    -0.0003 (-0.0216%)
     
  • USD/JPY

    114.3040
    +0.0520 (+0.0455%)
     
  • BTC-USD

    54,657.55
    -186.75 (-0.34%)
     
  • CMC Crypto 200

    1,402.14
    -65.80 (-4.48%)
     
  • FTSE 100

    7,255.96
    -35.24 (-0.48%)
     
  • Nikkei 225

    29,683.09
    +84.43 (+0.29%)
     

Brazil eyes creation of privatization fund not subject to fiscal rules -govt source

·1 min read

BRASILIA, Aug 4 (Reuters) - Brazil's government is drawing up a constitutional amendment to create a fund from privatizations and state asset sales to pay down debt, meet court-ordered payment obligations and help the country's poorest people, a government source said on Wednesday.

Crucially, from a fiscal perspective, the fund will not be subject to the 'spending cap', the government's most important fiscal rule which limits growth in public spending to the previous year's rate of inflation.

According to the source, the Economy Ministry has already drawn up the amendment, and could submit it to Congress as early as this Wednesday.

(Reporting by Marcela Ayres Writing by Jamie McGeever; Editing by Kirsten Donovan)