
Brazil’s Q1 2025 Fiscal Numbers Looked Strong on Paper, but Delayed Payments Cloud Outlook
Brazil’s Central Bank reported a first-quarter 2025 primary surplus of 54.5 billion reais ($9.73 billion), more than double the 20.2 billion reais ($3.61 billion) surplus from the same period in 2024. The government achieved this result by delaying 31 …