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Fiscal Framework "Not Yet Mature" - Rapporteur

BRAZIL
  • Speaking late yesterday, Speaker Lira stated Lula's fiscal plans are likely to undergo a series of changes ahead of any vote in Congress. Lira referred to Lula's plans so far as 'satisfactory' in terms of spending levels, but Congress could seek to make more changes to ensure budget targets are hit.
  • The bill's rapporteur is set to submit a first round of revisions to the plan before Friday. Nonetheless, Globo have reported that following meetings, the rapporteur sees the fiscal framework as "not yet mature".
  • Following a meeting with the Dutch PM Rutte yesterday, Lula outlined plans to introduce new types of investments between Brazilian and Dutch firms - with the Amazon rainforest a focus.
  • Just ahead of the close, Galipolo - the nominee to take over as director at the BCB - declined to comment on monetary policy in his current position as deputy FinMin. Galipolo did acknowledge that BRL has appreciated, long interest rates have been falling systematically and that provides an easier scenario for the central bank to analyze expectations and market prices and can inaugurate a down cycle if that scenario is confirmed.
  • President Lula is set to be meeting with the Petrobras CEO later today at 10am local time (1400BST), followed by a meeting with the BdB CEO 90 minutes later.
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