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Brazil's fiscal deficit hits record high in 1st quarter

Xinhua, April 28, 2017 Adjust font size:

Brazil's fiscal account registered a record high deficit of 18.29 billion reals (5.75 billion U.S. dollars) in the first quarter of 2017, the country's Treasury Department said on Thursday.

The figure is the worst since the Treasury Department stated measurements in 1997. In March, the deficit reached 11.06 billion reals (3.48 billion U.S. dollars), also a record high and up 40.1 percent year-on-year

The account includes a large deficit in the social security system, which rose from 29 billion to 40 billion reals (9.12 billion to 12.6 billion U.S. dollars) in the first quarter of 2017.

The deficit has been the main reason why the government proposed a bill for an extensive reform. However, the terms of the bill are controversial and the unions has called a full strike against the reform.

Brazil continues to grapple with its worst recession which has lasted for more than two years. Endi