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Lower House Approval Should Pave Way For Fiscal Framework Vote Next Week

BRAZIL
  • The Lower House is expected to approve the urgency of the fiscal framework bill later today, which would then allow lawmakers to vote on the text next week.
  • Valor previously reported that the majority of parties are likely to support the bill after rapporteur Claudio Cajado made the bill more fiscally strict. Furthermore, Folha reported that President Lula’s Workers’ Party finally decided to support the fiscal bill and is unlikely to present any amendments to the text.
  • As a reminder, JPMorgan wrote that Cajado's fiscal framework was stricter than they expected, increasing upside risk to their 2024 fiscal forecasts. They believe the new fiscal framework should reinforce the more positive momentum seen over the past few days. It maintains the structural backbone of Haddad’s proposal, but has improvements that stretch beyond what was speculated in media.
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