Fiscal Policy: More Transparency, but the Situation is Difficult

BRAZIL ECONOMICS - Report 01 Feb 2016 by Affonso Pastore, Cristina Pinotti, Marcelo Gazzano and Caio Carbone

Last week the fiscal policy data for December were announced, incorporating the payment of the “budget rollovers” (pedaladas) from previous years. The good news is that 2016 is starting without the hangover of liabilities from past years. However, although the fiscal statistics are now more transparent, the year is starting with a high deficit, which makes it even harder to achieve the target for a primary surplus of 0.5% in 2016. Added to this are very adverse conditions, both regarding perspectives for revenues and execution of expenditures, pointing to continuing explosive growth of the public debt in the coming years.

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