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Fiscal Framework Vote Imminent, BRICS Summit Commences

BRAZIL
  • Claudio Cajado, the rapporteur of the fiscal bill in the Lower House, is planning to meet party leaders again today at 1500BST/1000ET and has said that the bill can be voted on Aug. 22 or Aug. 23. Of note, if the bill is not voted by the end of August, the government would need to send the budget following the spending cap rules, which would require cuts in expenses of BRL 170 billion (VALOR).
  • President Lula and Minister Haddad, along with 35 other heads of state, will engage in discussions about potential new members and the expansion of the use of local currencies at the BRICS Summit. This also involves the potential establishment of a shared payments system (BBG).
  • Both Lower House Speaker Arthur Lira and Senate President Rodrigo Pacheco commented on tax reform during event in Sao Paulo Monday. Lira said that it is necessary to discuss cutting expenses. Pacheco added that “the less tax exemptions we have, the fairer” and that they will hold a meeting with the government on Aug. 29 to discuss the matter.
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