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Brazil.

Author: International Monetary Fund Fiscal Affairs Dept
Publisher: Washington, D.C. : International Monetary Fund, 2017.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Brazil's deep recession appears close to an end. But risks remain. The government that took office last year found an economy in recession and structural problems that threatened fiscal sustainability. The recession, triggered by large macroeconomic imbalances and a loss of confidence, was exacerbated by declining terms of trade, tight financing conditions, and a political crisis. Buoyed by congressional and market  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Dept., International Monetary Fund. Fiscal Affairs.
Brazil.
Washington, D.C. : International Monetary Fund, ©2017
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: International Monetary Fund Fiscal Affairs Dept
ISBN: 9781475597516 1475597517
OCLC Number: 987730951
Notes: 3.2. Long-Term Sustainability of Pension Spending.
Description: 1 online resource (93 pages)
Contents: Cover; CONTENTS; GLOSSARY; PREFACE; EXECUTIVE SUMMARY; I. FISCAL REPORTING; 1.1. Coverage of Fiscal Reports; 1.2. Frequency and Timeliness of Fiscal Reporting; 1.3. Quality of Fiscal Reports; 1.4. Integrity of Fiscal Reports; 1.5. Conclusions and Recommendations; II. FISCAL FORECASTING AND BUDGETING; 2.1. Comprehensiveness; 2.2. Orderliness; 2.3. Policy Orientation; 2.4. Credibility; 2.5. Conclusions and Recommendations; III. FISCAL RISKS; 3.1. Disclosure and Analysis; 3.2. Risk Management; 3.3. Fiscal Coordination; 3.4. Conclusions and Recommendations; ANNEXES. 1. Fiscal Transparency Action Plan2. Transactions Between the Treasury and Central Bank; 3. Differences Across States in Complying with the Fiscal Responsibility Law; 4. Technical Note on Table 0.2; BOXES; 1. Relations Between the Treasury and Public Banks: Unreported Liabilities; 2. Transparency and Fiscal Risks: The Case of Petrobras and Eletrobras; FIGURES; 1.1. Coverage of Public Sector Institutions in Fiscal Reports; 1.2. Public Sector Gross Liabilities in Selected Countries; 1.3. Public Sector Balance Sheet Coverage in Fiscal Reports, 2014. 1.4. Public Sector Net Worth in Selected Countries1.5. Revenue Loss from Tax Expenditures; 1.6. Revenue Loss from Tax Expenditures, Regional Comparison; 1.7. Deviation Between Below- and Above-the-Line Central Government Primary Balances, 1997-2015; 1.8. Stock-Flow Adjustment, 2007-2015; 2.1. Real GDP Growth: Deviation Between One-Year-Ahead Forecast and Outturn, 2001-2015; 2.2. Selected Indicators of Public Investment; 2.3. Successive Official Forecasts of Real GDP Growth; 3.1. Example of Sensitivity and Debt-Sustainability Analysis. 3.2. Debt and Financial Assets of General Government, January 2007 to March 20163.3. Brazil: Leverage of 20 Largest Banks by Liabilities, March 2016; 3.4. Debt-to-Revenue Ratio by State, 2015; 3.5. Liabilities of 20 Largest Public Corporations Outside the Fiscal Accounts, March 2016; TABLES; 0.1. Summary Assessment Against the Fiscal Transparency Code; 0.2. Public Sector Financial Overview, 2014; 1.1. List of Fiscal Reports; 1.2. Public Sector Institutions and Finances, 2014; 1.3. Cash to Accrual Adjustments; 1.4. Timetable of PCPR Submission and Audit. 1.5. TCU's Preliminary Opinions on the Accounts of the Government of the Republic1.6. Discrepancies Between Outturn Figures; 1.7. Summary Assessment of Fiscal Reporting; 2.1. Documents and Data on Fiscal Forecasting and Budget; 2.2. Scope of the Macroeconomic Forecasts Contained in Recent Budget Documents; 2.3. Timetable for Budget Preparation and Approval; 2.4. Dates of Budget Submission, Approval, and Publication, 2014-2016; 2.5. Summary Assessment of Fiscal Forecasting and Budgeting; 3.1. Selected Government Reports Relevant to Fiscal Risks.

Abstract:

Brazil's deep recession appears close to an end. But risks remain. The government that took office last year found an economy in recession and structural problems that threatened fiscal sustainability. The recession, triggered by large macroeconomic imbalances and a loss of confidence, was exacerbated by declining terms of trade, tight financing conditions, and a political crisis. Buoyed by congressional and market support, the government has pursued an ambitious reform agenda. A constitutional amendment that caps growth in federal noninterest spending in real terms has been passed and progress has been made on the discussion of social security and other structural reforms. Disinflation has gathered momentum, providing more room for monetary easing. While the end of the recession appears to be in sight, a recent rise in political uncertainty has cast a shadow over the outlook. The government's ability to deliver on social security reform, a necessary step toward securing fiscal sustainability, has become more uncertain-and, with national elections scheduled for 2018, the window for legislative action is closing.

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