Overview

• AGU and PGFN are preparing a formal appeal against the TCU order to pursue the center of the 2025 primary target instead of the tolerance floor.
• The Treasury reported a central‑government primary deficit of R$15.6 billion in August and a R$86.1 billion shortfall from January to August, an improvement versus the same period in 2024.
• The government raised its 2025 deficit projection to R$30.2 billion from R$26.3 billion, increasing the effort required if the midpoint guidance is upheld.
• Caged data show 147.3 thousand formal jobs created in August, the weakest August in the historical series, indicating softer revenue momentum.
• Resources paused for execution stood near R$10 billion at end‑August, below last year’s R$15–20 billion, and no contingency has been applied to the 2025 budget so far.