Brazil economy ministry rejects Lula transition team's judgment on finances

FILE PHOTO: Brazil's economy minister nominee Fernando Haddad looks on as President-elect Luiz Inacio Lula da Silva talks during a news conference at the transition government building in Brasilia, Brazil December 9, 2022. REUTERS/Adriano Machado

Brazil's Economy Ministry on Sunday rejected assertions by president-elect Luis Inacio Lula da Silva's transition team that the outgoing administration was leaving government finances "bankrupted."

The Economy Ministry said in a statement that gross debt will reach 74% of GDP by the end of the year, with a primary surplus (excluding debt costs) of 23.4 billion reais, the first since 2013.