LatinNews Daily - 19 April 2023

In brief: Brazil’s gov't presents key fiscal framework bill

* Brazil’s President Luiz Inácio Lula da Silva has signed a bill for a new fiscal framework, which has been submitted to congress. The long-awaited bill will be crucial for the government’s aim to control the country’s fiscal deficit and debt-to-GDP ratio, pleasing the business community, while also encouraging the increased investment and social spending desired by the coalition government led by the left-wing Partido dos Trabalhadores (PT). At the heart of the proposal is a requirement that limits expenditure growth in any given year to 70% of the rise in revenues. The new approach also calls for a ‘floor’ level for minimum annual public investment, which has been set at around R$75bn (US$15.04bn) for 2023. The president of the lower chamber of congress, Arthur Lira, said that he expects a vote on the bill will be held by 10 May.

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