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Brazil's Treasury presents new fiscal anchor for debate

15 Tháng Mười Một 2022
Brazil's Treasury presents new fiscal anchor for debate © Reuters. FILE PHOTO: Brazilian real notes are seen at the Bank of Brazil Cultural Center (CCBB) in Rio de Janeiro, Brazil November 17, 2017. REUTERS/Pilar Olivares/File photo

BRASILIA (Reuters) - Brazil's Treasury on Monday presented a proposal for a new fiscal anchor that aims to replace three rules currently in force with just one, which limits the real growth of federal government spending to the trajectory of the net debt.

In a text for discussion, the Treasury stressed that net debt, and not gross debt, "better reflects the impacts of fiscal policy and minimizes constraints on monetary policy management or public debt management".

Currently, the Brazilian net debt stands at 58.3% of GDP.

According to the Treasury's proposal, with the indicator above 55% of GDP, expenditures would be allowed to grow by 0.5% in real terms per year in the event of a net debt reduction.

With an increase in indebtedness, there would be no permission for real growth in spending.

With the proposed rule, the lower the net debt and the better the future outlook, the greater the space would be for spending growth, with a bonus of another 0.5% real increase in expenditures if the government's primary budget balance is positive.

Today, the main fiscal anchor in place is the constitutional spending cap, which limits the growth of expenditures to the inflation of the previous year since 2017.

The government of right-wing President Jair Bolsonaro has bypassed the rule on six different occasions, helping to discredit it.

Leftist President-elect Luiz Inácio Lula da Silva, who takes office on Jan 1, has already stated that he will abolish the spending ceiling but has not yet presented a replacement proposal, triggering speculation in the markets about his future economic policies.

Brazil also has to meet a primary budget balance target set by law every year, and the so-called golden rule, which prevents the government from issuing debt to finance current expenses, such as salaries and social benefits.

Since 2014 the central government, comprised of the Treasury, central bank and Social Security, has posted primary deficits. With public spending outstripping revenue, the government has continually sought congressional authorization to disregard the golden rule.

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06-12-2022 08:51:05 (UTC+7)

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 EUR/USD1.0513↑ Buy
 GBP/USD1.2213↑ Sell
 USD/JPY136.43↑ Sell
 AUD/USD0.6725↑ Sell
 USD/CAD1.3574↑ Sell
 EUR/JPY143.43Sell
 EUR/CHF0.9896Neutral
 Gold1,785.95Sell
 Silver22.593Sell
 Copper3.8213↑ Buy
 Crude Oil WTI77.53↑ Sell
 Brent Oil83.26↑ Sell
 Natural Gas5.590Sell
 US Coffee C163.42↑ Sell
 Euro Stoxx 503,956.53↑ Sell
 S&P 5003,998.84↑ Buy
 DAX14,447.61↑ Sell
 FTSE 1007,567.54↑ Sell
 Hang Seng19,359.00↑ Sell
 Small Cap 20001,835.79↑ Buy
 IBEX 358,370.10↑ Sell
 BASF47.970Sell
 Bayer53.09↑ Buy
 Allianz203.00Buy
 Adidas122.06↑ Sell
 Lufthansa7.766↑ Buy
 Siemens AG135.44↑ Buy
 Deutsche Bank AG10.150Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,590/ 6,660
(-20/ -20) # 1,501
SJC HCM6,600/ 6,680
(-25/ -25) # 1,521
SJC Hanoi6,600/ 6,682
(-25/ -25) # 1,523
SJC Danang6,600/ 6,682
(-25/ -25) # 1,523
SJC Nhatrang6,600/ 6,682
(-25/ -25) # 1,523
SJC Cantho6,600/ 6,682
(-25/ -25) # 1,523
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KRW15,9419,42
Cập nhật lúc 08:48:32 06/12/2022
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