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Brazil and IMF Discuss How to Grow with Fiscal Responsibility

The International Monetary Fund mission that is discussing a pilot project which would permit the Brazilian government to make investments in infrastructure without considering such expenditures in calculating the country’s fiscal performance (specifically the primary account) has returned to Brazil.

The mission was last in the country in July. The IMF mission is once again led by Teresa Ter-Minassian, the head of the institution’s Fiscal Department.


Yesterday she met with Minister of Finance, Antonio Palocci, for further talks on the issue.


They were joined by minister of Planning, Guido Mantega, who has already explained the government’s Public-Private Partnership (PPP) project to the IMF.


The PPP project is an attempt by the government to resolve the country’s perennial problems with infrastructure through partnerships with the private sector. A PPP bill is in Congress and could be voted on this week.


The government’s position on the issue is that solid fiscal responsibility can be compatible with growth. The government denies it wants a “blank check” to spend as it wishes.


What the government desires is to have certain infrastructure expenditures excluded from the calculation of the primary account.


The Brazilian government remains open to other suggestions which would make it possible to achieve the same objective: that is, sustainable growth along with sustainable fiscal rigor.


Agência Brasil
Translator: Allen Bennett

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