BRAZIL · ECONOMY

Key Facts

—What happened: Brazil’s 2027 budget proposal goes to Congress on Monday with an effective primary surplus of R$18 to 20 billion (US$3.5 to 3.9 billion).

—What “effective” means: The surplus counts every expense, including items normally discounted from the official fiscal target.

—The catch: At about 0.1 percent of gross domestic product, the effective result still falls short of the official target.