BRASILIA: Brazil’s government is finalizing a new fiscal framework, but there is no set date for submitting it to Congress, Institutional Relations Minister Alexandre Padilha said on Wednesday.
Padilha added that President Luiz Inacio Lula da Silva will meet with Finance Minister Fernando Haddad on Wednesday to finalize the proposal for the new framework. Haddad is expected to present it to leaders of the lower house of Congress later in the day.
Talking to reporters, Padilha said that the leaders of Brazil’s Congress have indicated that, once submitted, the fiscal rules should be quickly approved.
This framework is seen as essential to addressing fiscal issues, especially after Lula secured congressional approval for a multi-billion-real package that bypasses the constitutional spending cap to boost social spending and fulfill campaign promises.
On Tuesday, Haddad said the new framework would be announced this week, following a meeting on the matter with Chief of Staff Rui Costa on Wednesday.
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