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Finance Minister To Present Fiscal Framework

BRAZIL
  • Finance Minister Fernando Haddad is scheduled to hold a press conference to present Brazil’s new fiscal framework at 1430BST / 1030 local, according to Finance Ministry press office.
  • According to Institutional Relations Minister Alexandre Padilha, the framework was approved by President Luiz Inácio Lula da Silva on Wednesday during a meeting. Lula has already authorized the start of discussion within Congress to enable the approval of the new fiscal anchor, he explained. The new framework must be approved as soon as possible in order for interest rates to drop, Padilha said.
  • Source reports suggest the framework targets a zero primary deficit in 2024, followed by primary surpluses equivalent to 0.5% of GDP in 2024, rising to 1% of GDP in 2025.
  • The new framework is reported to combine a target for primary results with a spending rule and will have adjustment mechanisms in case of noncompliance.
  • Separately, BCB Governor Campos Neto will also speak in a press conference at 11am local time, following the central bank’s release of the quarterly inflation report earlier today.
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