Fiscal Policy

Former Economy Minister Hernán Lacunza praised improvements in public accounts for 2024 and 2025 but warned that by the end of 2025, the fiscal situation lacks room for additional maneuvers. His analysis shows an official surplus of 0.2% of GDP, though adjustments for interest and inflation reveal larger deficits. Lacunza stressed that the end of the financial normalization process will demand greater savings efforts.

January 20, 2026 Iniulat ng AI

China on Tuesday unveiled a comprehensive policy package leveraging fiscal and financial synergy to boost consumption and energize private investment, further igniting the domestic demand engine. Experts view this coordinated launch as focusing on stimulating private investment and promoting consumer spending, sending a positive signal through ramped-up policy support.

As the Chinese leadership prepares to set the economic agenda for the year ahead, analysts expect Beijing to mostly maintain this year’s policy tone but say it could tolerate a slightly lower growth target. Growth of ‘around 5 per cent’ may be revised to between 4.5 and 5 per cent. The leadership is gearing up for a tone-setting conference.

December 03, 2025 Iniulat ng AI

The Joint Budget Committee approved the 2026 Budget Guidelines Law on Wednesday (3), requiring the government to pay 65% of parliamentary amendments before the electoral period. The text also authorizes the Executive to target the floor of the fiscal target to avoid expense freezes in an election year. The plenary vote is scheduled for Thursday (4).

The federal government updated the 2025 budget expense containment to R$ 7.7 billion, a R$ 4.4 billion reduction from the previous projection of R$ 12.1 billion. The measure, disclosed in the 5th bimonthly Revenue and Primary Expenses Assessment Report (RARDP) on November 21, aims to meet the zero deficit fiscal target. The rise in state-owned companies' deficit, driven by Correios, will require an additional R$ 3 billion Treasury contribution.

November 18, 2025 Iniulat ng AI

The Autonomous Fiscal Rule Committee (Carf) warned that net tax revenue in 2025 will be 8.3 trillion pesos below the DIAN's target. In its November report, Carf reviewed fiscal projections with data up to October, noting primary spending exceeding forecasts. This creates budgetary pressures that could extend into 2026.