Brazil reported an unexpected primary fiscal deficit of BRL 1.5 bln reais (USD 293 mln) for March, contrary to analysts’ predictions of a surplus. This development adds pressure on Finance Minister Haddad’s efforts to stabilize public finances. The deficit has decreased compared to the BRL 7 bln deficit reported in March of the previous year and comes amid revised budget targets for 2025 aimed at eliminating the primary fiscal deficit within the year.