Brazil posted an unexpected primary budget deficit of 2.3 billion reais (US$721 million) in February, news agency Reuters reported.

The February primary budget – the government’s savings before debt payments – was expected to show a surplus of 1.5 billion reais, the report said, quoting forecasts by analysts. The primary budget serves as a gauge of a country’s capacity to repay its debts.

In the 12 months through the end of February, Brazil recorded a primary budget deficit equivalent to 0.69 percent of its gross domestic product, Reuters reported. The government’s goal for this year is to record a surplus equivalent to 1.2 percent of its GDP.

Joaquim Levy, Brazil’s Finance Minister, was quoted saying on Tuesday he was ready to take measures to ensure enough tax revenues to meet the government’s surplus target.