Brazil's IFI warns the fiscal target is met only on paper, via exclusions and the band's floor, while public debt heads toward 115% of GDP by 2036.
Brazil · Economy
Key Facts
—The watchdog Brazil’s Independent Fiscal Institution (IFI), tied to the Senate, issued its concern in report RAF 113 on June 25, 2026.
—The complaint the government hits the fiscal target formally, but leans on exclusions and aims at the floor of the tolerance band.
—The framework the 2025 target is a balanced primary result (0.0% of GDP); for 2026 it is a small surplus of 0.25% of GDP, each with a 0.25-point band.
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