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Macrofiscal Report in Focus

BRAZIL
  • The finance ministry are to release their 2023 macrofiscal report at 2.15pm local time (1715GMT), to be followed by a press conference with media.
  • On the fiscal front, the MDB party has attempted to define the sequencing for fiscal reform, stating that the only ‘logical schedule’ at present is for new fiscal rules to be set and agreed, and only then can tax reform be discussed. The new fiscal rules would replace the current spending ceiling arrangements – and still sits with the government. No set text for fiscal rules have been sent to Congress, with the deadline not looming until August 31st.
  • Elsewhere, Lula’s base is becoming increasingly concerned that despite having won the Presidency, Lula’s government still will not hold a majority in the CCJ within the Chamber of Deputies – the main Chamber in the House, according to Folha. The President meets with his economic team later today.
  • Separately, China have confirmed that President Lula is to visit China on March 26 – 31st, and will take representatives from business and government on the formal visit.
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