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☆ France's Macron Says Proposed EU-Mercosur Agreement Is 'Very Bad Deal'
▼ + stars: | 2024-03-27 | by ( March | At P.M. | ) www.usnews.com time to read: +2 min

"As it is negotiated today, it is a very bad deal, for you and for us," Macron told businessmen in Sao Paulo while on a three-day trip to Latin America's largest economy, amid troubled talks over a free trade deal between the two economic blocs. "There is nothing that takes into consideration the subject of biodiversity and climate; nothing," Macron said. "Let's forge a new deal in light of our goals and reality, a trade deal that is responsible on development, climate and biodiversity." "It's true we lost an opportunity at the end of last year, but we should not give up on this deal." At upcoming G20 and COP summits in Brazil, Macron said he planned to push for more international standards to financially incentivize banks, firms and investors to decarbonize industrial processes and better preserve the environment.

Persons: Sarah Morland, Emmanuel Macron, Macron, Fernando Haddad, Haddad, Luiz Inacio Lula da Silva, Lula, Jair Bolsonaro, Eduardo Simoes, Jonathan Oatis, Kylie Madry, Kim Coghill Organizations: Reuters, European Union, South American Mercosur, Brazilian Finance Locations: Brazil, Sao Paulo, France, Africa, Mexico City

☆ Brazil proposes global forest conservation fund at COP28
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

Smoke from a fire rises into the air as trees burn amongst vegetation in Brazil's Amazon rainforest near Humaita, Amazonas state, Brazil, August 3, 2023. REUTERS/Leonardo Benassatto/File Photo Acquire Licensing RightsDUBAI, Dec 1 (Reuters) - Brazil on Friday unveiled a proposal at the COP28 climate summit to set up a global fund to finance forest conservation that it hopes can raise $250 billion from sovereign wealth funds and other investors, including the oil industry. The plan unveiled by Brazilian Environment Minister Marina Silva and Finance Minister Fernando Haddad calls for the creation of an innovative global instrument to remunerate the maintenance and restoration of tropical forests. Brazil is asking other countries to contribute to the final design of the fund. The funds would be deposited at a global organization, which could raise further resources by issuing low-risk bonds.

Persons: Leonardo Benassatto, Brazilian Environment Minister Marina Silva, Fernando Haddad, Andre Correa, Lago, deforest, Lisandra Paraguassu, William Maclean Organizations: REUTERS, Rights, Brazilian Environment Minister, Finance, Reuters, Thomson Locations: Humaita, Amazonas, Brazil, Dubai

☆ Brazil's Lula wishes luck and success to new Argentine president
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Nov 19 (Reuters) - Brazilian President Luiz Inacio Lula da Silva extended best wishes to the newly elected government in Argentina, without making direct mention of President-elect Javier Milei, who has previously criticized Lula and labeled him an "angry communist." Brazil will always be available to work together with our Argentine brothers," he wrote on Sunday on X, formerly Twitter. On Tuesday, leftist Lula had said that Argentina, the country's third-largest trading partner, should choose a president who supports democracy and the Mercosur trading bloc. He has also criticized the South American common market Mercosur and said Argentina would "follow its own path." He met with Brazilian Finance Minister Fernando Haddad in Brasilia earlier this year to discuss mechanisms to secure imports by Buenos Aires.

Persons: Luiz Inacio Lula da Silva, Javier Milei, Lula, Argentine, Sergio Massa, Fernando Haddad, Haddad, Marcela Ayres, Lisa Shumaker, Rosalba O'Brien Organizations: Twitter, Mercosur, Economy, Brazilian Finance, Reuters, Thomson Locations: BRASILIA, Argentina, Brazil, Argentine, Mercosur, Brasilia, Buenos Aires

☆ Brazil's Lula Wishes Luck and Success to New Argentine President
▼ + stars: | 2023-11-19 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

BRASILIA (Reuters) - Brazilian President Luiz Inacio Lula da Silva extended best wishes to the newly elected government in Argentina, without making direct mention of President-elect Javier Milei, who has previously criticized Lula and labeled him an "angry communist." Brazil will always be available to work together with our Argentine brothers," he wrote on Sunday on X, formerly Twitter. On Tuesday, leftist Lula had said that Argentina, the country's third-largest trading partner, should choose a president who supports democracy and the Mercosur trading bloc. He has also criticized the South American common market Mercosur and said Argentina would "follow its own path." He met with Brazilian Finance Minister Fernando Haddad in Brasilia earlier this year to discuss mechanisms to secure imports by Buenos Aires.

Persons: Luiz Inacio Lula da Silva, Javier Milei, Lula, Argentine, Sergio Massa, Fernando Haddad, Haddad, Marcela Ayres, Lisa Shumaker, Rosalba O'Brien Organizations: Reuters, Twitter, Mercosur, Economy, Brazilian Finance Locations: BRASILIA, Argentina, Brazil, Argentine, Mercosur, Brasilia, Buenos Aires

☆ Brazil's economy enters negative territory in Q3, shows central bank data
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Nov 17 (Reuters) - The Brazilian economy ended the third quarter in negative territory, central bank data showed on Friday, reversing a performance that had been surprisingly positive due to a booming farming sector. The IBC-Br index, a key predictor of gross domestic product (GDP), posted a seasonally adjusted 0.64% decline in the third quarter. The Finance Ministry last estimated a 3.2% gross domestic product (GDP) growth for this year after a robust first-half performance, a figure expected to be revised next week. Meanwhile, private economists surveyed weekly by the central bank project a 2.89% increase in GDP for this year. The September IBC-Br index was in line with a negative performance of the service sector, which accounts for roughly 70% of the country's activity, said Nova Futura economist Nicolas Borsoi.

Persons: Fernando Haddad, Nicolas Borsoi, Luiz Inacio Lula da Silva's, Marcela Ayres, Steven Grattan Organizations: IBC, Reuters, Finance, Finance Ministry, Nova Futura, Thomson Locations: BRASILIA, Brazilian

Brazil's central bank Governor Roberto Campos Neto, speaks at the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 9, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsNEW YORK, Nov 9 (Reuters) - Brazil's central bank chief Roberto Campos Neto on Thursday said any change to the country's fiscal target would raise concerns, following comments by President Luiz Inacio Lula da Silva casting doubt on the government's vow to erase a budget deficit. Since then, Finance Minister Fernando Haddad has broadly reaffirmed Brazil's commitment to "fiscal balance," but lawmakers involved in next year's budget bill are hinting heavily that they aim to loosen the zero-deficit target. In Thursday's interview, Campos Neto highlighted that Brazil has approved important reforms since the COVID pandemic, including an overhaul on consumption taxes, which passed the Senate on Wednesday, but acknowledged the uncertainty on fiscal policy. "And that influences a lot of the variables that are important for us when you make decisions in monetary policy," he reinforced.

Persons: Roberto Campos Neto, Brendan McDermid, Luiz Inacio Lula da Silva, Campos Neto, Lula, Fernando Haddad, Rodrigo Campos, Dan Burns, Marcela Ayres, Mark Porter, Brad Haynes, Nick Macfie Organizations: REUTERS, Reuters NEXT, Finance, Thomson Locations: New York City , New York, U.S, New York, Brazil

BRASILIA, Oct 26 (Reuters) - Brazil's Finance Ministry is preparing a decree that nearly doubles the tax on the sale of firearms and ammunition, arguing that the measure is necessary to boost revenue and reduce crime, according to a draft document seen by Reuters. Prepared by the revenue service at the request of Finance Minister Fernando Haddad, the decree raises the industrial tax on revolvers, pistols, shotguns, carbines, pepper spray, and other equipment from 29.25% to 55%, in addition to also increasing the tax on ammunition. The proposal was sent by the revenue service to the ministry's executive secretary, Dario Durigan, on Wednesday night. The revenue service declined to comment. The move aligns with other actions by leftist Lula, who has consistently opposed policies that encourage the sale and use of firearms.

Persons: Fernando Haddad, Dario Durigan, Luiz Inacio Lula da Silva, Lula, Jair Bolsonaro, Bernardo Caram, Bill Berkrot Organizations: Brazil's Finance Ministry, Reuters, Finance, Thomson Locations: BRASILIA

FDI in Brazil fell 36% in the first eight months of 2023 to $37.9 billion. Currently, investors in long-term projects in Brazil with exposure to foreign currency pay taxes on currency appreciation over the course of the project - which the central bank has long flagged as a deterrent for FDI. Haddad said he was confident that policymakers had found a tool to shield investors from currency risks keeping them away. Executive orders in Brazil have immediate validity but must be endorsed by lawmakers within four months or they expire. Without that measure, Haddad said it will be "very challenging" to erase the deficit in next year's budget bill.

Persons: Fernando Haddad, Haddad, Luiz Inacio Lula da, Marcela Ayres, Bernardo Caram, Brad Haynes, Christopher Cushing Organizations: Finance, Reuters, Sao Paulo, leftist Workers Party, Executive, Thomson Locations: BRASILIA, Brazil, Brasilia, Sao, United States

☆ Sergio Massa: can Argentine political wheeler-dealer save Peronism?
▼ + stars: | 2023-10-18 | by ( Nicolás Misculin | ) www.reuters.com time to read: +5 min

Argentina's Economic Minister Sergio Massa and Brazil's Finance Minister Fernando Haddad (not pictured) hold a news conference, at the Casa Rosada presidential palace in Buenos Aires, Argentina, January 23, 2023. Massa has his own political structures," a spokesman for the ruling party told Reuters. He studied at a Catholic school in the suburbs of Buenos Aires, joined a conservative political party and then shifted to Peronism. He rose to chief of staff under Fernandez de Kirchner(2007-15), though later left her government under a cloud and set up his own political party. He finished third in the first round of voting when he ran for president in 2015, before he returned to the Peronist coalition as a congressman in 2019.

Persons: Sergio Massa, Fernando Haddad, Agustin Marcarian, Javier Milei, Massa, Julio Burdman, Agustin Rossi, Patricia Bullrich, Alberto Fernandez, grandee Cristina Fernandez de Kirchner, Kirchner, Fernandez de Kirchner, Nicolás Misculin, Adam Jourdan, Marguerita Choy Organizations: Argentina's Economic, Brazil's Finance, Casa, REUTERS, Peronist, Observatory, Reuters, International Monetary Fund, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, U.S, Peronism, Tigre

☆ Money now, shares later: more IMF countries voice support for pragmatic IMF funding boost
▼ + stars: | 2023-10-11 | by ( David Lawder | ) www.reuters.com time to read: +3 min

[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. IMF Managing Director Kristalina Georgieva said the extra resources were needed to ensure the IMF can respond to another large-scale crisis. But with anti-China sentiment running high in the U.S. Congress, any IMF funding increase that increases Beijing's influence would face stiff opposition. U.S. Treasury Secretary Janet Yellen proposed the money now, shares later plan as a way to sidestep the China issue and speed resources to the IMF. A 50% quota increase would be equivalent to about $312 billion at current exchange rates.

Persons: Yuri Gripas, Fernando Haddad, Kristalina Georgieva, Janet Yellen, Ernest Addison, David Lawder, Alex Richardson, Andrea Ricci Organizations: Monetary Fund, REUTERS, Rights, U.S, Monetary, IMF, U.S . Congress, Treasury, International Monetary, Financial Committee, Thomson Locations: Washington , U.S, Rights MARRAKECH, Morocco, France, Britain, Ghana, Switzerland, Finland, Belgium, China, Brazil, U.S, Algeria, Iran, Libya, Pakistan, Tunisia

☆ Brazil proposes yuan guarantees in trade with Argentina amid dollar shortage
▼ + stars: | 2023-08-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Brazil's finance minister proposed the use of yuan guarantees for its trade with Argentina. This would help bring security to Brazilian companies as Argentina faces a dollar shortage. This comes as Argentina faces a shortage of dollars, which is the dominant currency in global trade. Using yuan guarantees would take away default risk, and the idea has been green lit by the Brazilian Treasury. AdvertisementAdvertisementAnd Argentina said in April it will pay for imports from China in the yuan instead of US dollars.

Persons: Fernando Haddad, Haddad Organizations: Service, Finance, Banco, Brazilian Treasury Locations: Argentina, Wall, Silicon, Brazil, Brazilian, Beijing, China

☆ Brazil's Lula unveils $350 bln 'growth acceleration' plan
▼ + stars: | 2023-08-11 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +3 min

A general view of the Copa Cabana beach during Independence Day celebrations, in Rio de Janeiro, Brazil September 7, 2022. Critics say it incurred excessive spending, exacerbating Brazil's fiscal crisis, while failing to bring fundamental advances in infrastructure. The government did not immediately detail the fiscal impact of the initiative, or give a specific time frame for the plan. Yet Lula is under pressure to deliver much-needed growth to poor, under-developed regions and he wants Petrobras to be an engine of growth. "We'll accelerate growth in our country and help stop degradation of our planet," Haddad said in a speech.

Persons: Ricardo Moraes, Luiz Inacio Lula da Silva, Dilma Rousseff, Staff Rui Costa, Lula, Jair Bolsonaro, Fernando Haddad, Haddad, Rodrigo Viga Gaier, Gabriel Araujo, Steven Grattan, Anthony Boadle, Kirsten Donovan Organizations: Copa Cabana, REUTERS, Staff, Petrobras, PETR4, Finance, Sao Paulo, Thomson Locations: Rio de Janeiro, Brazil, JANEIRO, Sao

☆ Brazil central bank kicks off rate cuts more aggressively than expected
▼ + stars: | 2023-08-02 | by ( Peter Frontini | ) www.reuters.com time to read: +3 min

The bank's rate-setting committee Copom cut its Selic policy rate to 13.25%, as just 10 of 46 economists surveyed by Reuters had anticipated. Although Wednesday's policy decision was closely divided, Copom's policy statement signaled a shared outlook to keep up the pace of rate cuts in coming months. Wednesday's rate decision reflected a split among board members, with five votes in favor of the 50-basis-point cut and four votes for a more modest 25-basis-point cut. Finance Minister Fernando Haddad had called for a rate cut of 50 basis points earlier on Wednesday. Brazil's inflation target is 3% for both years.

Persons: we'd, William Jackson, Luiz Inacio Lula da Silva's, Roberto Campos Neto, Lula, Campos Neto, Fernando Haddad, Haddad, Copom, Peter Frontini, Marcela Ayres, Brad Haynes, Diane Craft Organizations: SAO PAULO, Reuters, Capital Economic, Finance, Fitch, Carolina, Thomson Locations: Brazil

☆ Brazil's jobless rate hits lowest since 2014 for a quarter through June
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, July 28 (Reuters) - Brazil's jobless rate fell in the quarter through June to its lowest level for the period in nine years, statistics agency IBGE said on Friday, underscoring the labor market's resilience despite its high interest rates. It was the fourth consecutive drop for a rolling quarter, according to IBGE, which said the move reflected seasonally lower vacancy rates. Finance Minister Fernando Haddad cautioned that despite the positive data, the unemployment rate should not be perceived as an indicator of a strong economy, given the country's 10% real interest rate leading to an activity slowdown. Some economists also expect high interest rates to take their toll going ahead, as economic growth softens in the country. "All in all, the labor market remained strong in the second quarter, defying the drag from stiflingly high interest rates," Pantheon Macroeconomics' chief economist for Latin America, Andres Abadia, said.

Persons: Fernando Haddad, Haddad, Andres Abadia, Luiz Inacio Lula da Silva's, Rui Costa, Gabriel Araujo, Steven Grattan, Alistair Bell Organizations: SAO PAULO, IBGE, Reuters, Finance, Macroeconomics, Twitter, Thomson Locations: Brazil, America

"Everyone is expecting a rate cut," Finance Minister Fernando Haddad noted in an interview with RedeTV journalist Kennedy Alencar. Planning Minister Simone Tebet was even more emphatic, saying at an event in Rio de Janeiro that the central bank must start its easing cycle with a 50-basis-point cut. She said high interest rate levels were hurting the retail sector. However, they still diverge on the size of the cut, with 55% of those polled betting on a 25 basis point move while 32% expect a 50 basis point cut. On Thursday, Lula himself renewed calls on the central bank to cut interest rates.

Persons: Luiz Inacio Lula da Silva's, Fernando Haddad, Kennedy Alencar, Haddad, Simone Tebet, Lula, Gabriel Galipolo, Ailton Aquino, Lula's, Bernardo Caram, Rodrigo Viga Gaier, Gabriel Araujo, Steven Grattan, Josie Kao, Frances Kerry Organizations: RIO DE, Finance, Reuters Graphics Reuters, Thomson Locations: BRASILIA, RIO, RIO DE JANEIRO, Rio de Janeiro, Brazil, Brasilia

☆ Brazil govt eyes sending income tax reform proposal to Congress
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, July 10 (Reuters) - President Luiz Inacio Lula da Silva's government will not wait for Brazil's Congress to finish voting on a tax reform related to consumption before submitting its proposal for an income tax reform, Finance Minister Fernando Haddad said on Monday. "I will need Congress to consider this second phase (of tax reform) along with the budget bill," said Haddad, referring to the budget proposal that, by law, the government must submit by the end of August. The measure still requires final passage in the Senate, with no date yet set for a vote. According to Haddad, a carbon credit bill is set to be presented to Congress in August. Additionally, the government has scheduled an official presentation to attract companies interested in making products labeled as "clean energy," Haddad said.

Persons: Luiz Inacio Lula da Silva's, Fernando Haddad, Haddad, Brazil's, Lula, Marcela Ayres, Mark Porter, Will Dunham Organizations: Finance, Workers ' Party, Thomson Locations: BRASILIA

BRASILIA, July 7 (Reuters) - Brazil's lower house of Congress approved on Friday the main text of a tax reform that will restructure the country's complex consumption taxes, a move President Luiz Inacio Lula da Silva touted as a "great victory". The bill will now be sent to the Senate, where it will also be voted on in two rounds. "Brazil will have its first tax reform of the democratic period ... We are working towards a better future for everyone." Markets reacted positively to the lower house approval, with Brazil's real strengthening more than 1% against the dollar, while benchmark stock index Bovespa (.BVSP) jumped 1.65%. 'A NECESSITY'The lower house approved the reform by 382-118 in the first round of voting held late on Thursday.

Persons: Luiz Inacio Lula da Silva, Lula, Fernando Haddad, Haddad, Rodrigo Pacheco, Arthur Lira, Jair Bolsonaro, Maria Carolina Marcello, Carolina Pulice, Gabriel Araujo, Michael Perry, Devika Syamnath, Alistair Bell Organizations: Lawmakers, Senate, Markets, JPMorgan, Finance, Workers ' Party, Thomson Locations: BRASILIA, Brazil

☆ Brazil cenbank chief signals he supports changing inflation target time frame
▼ + stars: | 2023-06-29 | by ( Marcela Ayres | ) www.reuters.com time to read: +2 min

BRASILIA, June 29 (Reuters) - Brazil's central bank chief Roberto Campos Neto indicated on Thursday he supports adopting a continuous time frame for the monetary authority to pursue inflation targets, ditching the current system of tracking a calendar year. His remarks came as Brazil's National Monetary Council (CMN), the country's top economic policy body, is scheduled to meet later on Thursday to set its 2026 inflation target. Haddad has publicly supported changing the time frame, arguing a longer-term approach provides more room to accommodate price shocks without requiring monetary tightening. Campos Neto also said at the press conference that policymakers do not think there was inconsistency between the statement and the minutes of their latest policy meeting. The central bank held interest rates at a cycle-high of 13.75% for the seventh consecutive policy meeting last week.

Persons: Roberto Campos Neto, Campos Neto, Fernando Haddad, Simone Tebet, Haddad, Marcela Ayres, Andrea Ricci, Alexandra Hudson Organizations: National Monetary Council, Finance, Alexandra Hudson Our, Thomson Locations: BRASILIA, Brasilia

☆ Brazil finance minister confirms 3% inflation target in 2024, backs tweaking time frame
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, June 29 (Reuters) - Brazil's finance minister has confirmed the country's monetary council will keep next year's inflation target at 3%, but reiterated he expects the body to tweak the time frame used to assess the goal's fulfillment. Fernando Haddad's remarks in an interview with GloboNews aired late on Wednesday came as markets on Thursday closely watch the National Monetary Council's (CMN) meeting for potential changes on inflation targets. Inflation targets that have the calendar year as a time frame cause "unnecessary pressure," he said. The central bank currently targets inflation of 3.25% in 2023 and 3% in 2024 and 2025, with a tolerance margin of 1.5 percentage points up or down. Lula previously hinted at potentially changing inflation targets to increase them and enable monetary policy easing, a move that helped worsen expectations for consumer price changes.

Persons: Fernando Haddad's, GloboNews, Haddad, Luiz Inacio Lula da, Lula, Fabricio de Castro, Gabriel Araujo, Emelia Sithole Organizations: SAO PAULO, Monetary, Thomson

☆ Brazil central bank signals possibility of rate cut in August by majority view
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +3 min

BRASILIA, June 27 (Reuters) - Brazil's central bank signaled on Tuesday that a majority of its policymakers see a possibility of initiating a "parsimonious" rate cut at its next meeting in August, provided that a more benign inflation scenario is consolidated, while a minority adopts a more cautious stance. Although it adopted a more moderate tone by excluding the possibility of rate hikes from its policy statement, the central bank refrained from signaling monetary easing at its next meeting in August last week, pointing instead to a data-dependent stance. The communication drew criticism from President Luiz Inacio Lula da Silva, ministers, and some market participants, who expected a notable shift in the bank's tone due to lower-than-expected inflation, a stronger currency, and easing inflation expectations. The central bank stressed in the minutes that inflation expectations declined slightly, but remain deanchored from official targets, partially due to the questioning about a possible change in future inflation targets, adding that "decisions that reanchor expectations can lead to faster disinflation." The National Monetary Council, consisting of the Finance Minister, Planning Minister, and central bank governor, will convene on Thursday to confirm the 3% inflation targets for 2024 and 2025, and set the official target for 2026.

Persons: Copom, Luiz Inacio Lula da Silva, Fernando Haddad, Marcela Ayres, Steven Grattan Organizations: Monetary, Finance, Planning, Thomson Locations: BRASILIA

☆ Venezuela's Maduro meets Lula on first visit to Brazil since 2015
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

Brazil's former hard-right President Jair Bolsonaro had banned Maduro from entering Brazil when he took office in 2019, a measure that Lula lifted when he returned to power this year. Lula and Maduro met at the presidential palace and were scheduled to sign agreements in the early afternoon. Among the issues on their agenda was a large debt Venezuela has run up with Brazil's National Development Bank, Brazilian officials said. Brazilian Finance Minister Fernando Haddad was due to meet with Maduro and Lula, they added, and the president of state-run oil company Petrobras, Jean Paul Prates. The organization floundered when several South American countries elected right-wing governments, creating diplomatic fissures on the continent.

☆ Brazil's Haddad argues country is ready for interest rate cuts
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, May 26 (Reuters) - Brazil Finance Minister Fernando Haddad on Friday said the country is about to enter a downward cycle of interest rates, pointing out that inflation is "more behaved." "We are about to.. have a downward cycle of interest rates. "Long-term interest rates are falling. The monetary authority has held Brazil's benchmark interest rate at 13.75% since September. Central bank chief Roberto Campos Neto has ruled out imminent cuts.

"Inflation expectations are still very high," Campos Neto told a seminar hosted by newspaper Folha de S.Paulo on Monday, highlighting elevated long-term forecasts as particularly problematic. "Long-term forecasts remained little changed," the central bank chief said. "And we have a problem that are long-term inflation expectations persistently stuck around 4%". In the minutes of its May meeting, the central bank expressed concerns about inflation expectations, saying it continued "to assess that de-anchored expectations raise the cost of bringing inflation back to the target". Campos Neto acknowledged that headline inflation has been slowing down in Brazil, but noted that the core index remains "high" and "well above target".

☆ Brazil's finance minister signals potential change to inflation target timeline
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, May 18 (Reuters) - Brazil's Finance Minister Fernando Haddad on Thursday suggested that the country's new government is looking at adjusting the timeline for achieving its inflation target. Haddad reiterated he favors "a continuous inflation target" rather than a calendar year-based target, saying Brazil and Turkey were the only two countries to use the latter. President Luiz Inacio Lula da Silva has advocated for higher inflation targets and a less stringent monetary policy. The central bank has cautioned that discussions about higher targets might have contributed to an increase in inflation expectations, helping keep interest rates high. The National Monetary Council, which comprises the finance minister, the planning minister and the central bank governor, is scheduled to convene in June to discuss inflation targets.

BRASILIA, May 16 (Reuters) - Brazil's Finance Ministry is preparing a new set of initiatives to increase tax revenue, including a review of deductions and exemptions for income tax on individuals, according to three sources familiar with the matter. Previous administrations have tried - and failed - to restrict income tax deductions, which allow taxpayers to use proof of certain expenses, such as medical and educational costs, to reduce their tax bills. The government estimates it is set to lose 51.1 billion reais ($10.2 billion) from exemptions, along with 31.3 billion reais from deductions in its 2024 budget bill. The finance ministry's revenue chief Robinson Barreirinhas said last month that the government was working on additional revenue measures to be announced in the second half of this year. He mentioned "very solid and consistent" studies regarding the potential to boost annual revenue by 155 billion reais as a result of combined efforts.

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