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Free AccessMarkets Digest Fiscal Measures Announced Yesterday
- On Thursday, Finance Minister Haddad announced fiscal measures that intend to offset additional expenses in 2023’s budget. Haddad established a plan to reduce Brazil’s budget deficit to something between 0.5% and 1% of gross domestic product this year.
- The strategy announced on Thursday relies mostly on boosting government income — by ending tax breaks, collecting overdue debts through renegotiation and revising up revenue estimates — and less on spending cuts. Haddad said the measures could potentially turn this year’s estimated 232 billion-real ($45 billion) primary deficit, which excludes interest payments, into an 11 billion-real surplus.
- Analysts have noted these measures are unlikely to lead to a permanent surplus in the public sector or ensure medium-term debt sustainability, with further reform and a new fiscal framework required to do so, however, they represent a solid step in the right direction.
- Interestingly, Haddad described it as clear messaging to the central bank. With the BCB next meeting on February 02, the statement will be scrutinised to see the committees assessment regarding the adequacy of the measures.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.