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Bolsonaro Intends to Raise Public Servants Salaries in 2023

BRAZIL
  • Federal public servants will have their salaries readjusted and their careers restructured in 2023, said president and re-election candidate Jair Bolsonaro this Wednesday, at an event with mayors in Brasilia.
    • “We haven’t defined the [raise] percentage yet,” the president said.
    • Bolsonaro added he had agreed with the economic team to keep federal taxes on gasoline, diesel, ethanol and cooking gas at zero in 2023. (BBG)
  • Separately, Economy Minister Paulo Guedes indicated the government plans to do tax reform if President Bolsonaro is re-elected, speaking at an event held by TAG Investimentos.
    • Government plans to scrap IPI tax to reindustrialize Brazil.
    • Government will resume proposal to create capitalization fund for Social Security.
    • Guedes added that the fiscal outlook is strong and that fiscal and monetary policy in the right place.
  • Auction to roll over FX swap contracts maturing on October 3 begins on Aug. 18, the Central Bank says in a statement.
    • Central Bank aims to roll over 311,260 FX swap contracts totalling $15.6b.
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