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Congress must reduce the value of the PEC and stipulate deadlines, says expert

In an interview with CNN this Thursday (17th), Luiz Fernando Figueiredo, chairman of Jive’s board of directors and former director of the Central Bank, said that the so-called “Exultation PEC”, created to exceed the Budget spending ceiling by the elected government, must have its time and value reduced by Congress after the transition team submits the draft.

“I don’t think the size of the PEC is given. It is at almost R$ 200 billion, and I believe that a number like that will not pass. It is more likely that it will be close to R$ 100 billion,” Figueiredo told the Live CNN Brasil 🇧🇷

“Congress is absolutely right to say that it is not possible to have this ‘waver’ for several years. It is one thing to have a one-year term, so that, during this period, the government does all the necessary things to be able to have greater social spending, possibly even raising the tax burden. What you can’t do is deliver this blank check that size for the entire term.”

The former BC director also pondered that Congress will probably take advantage of “bargaining power” to negotiate other measures. “This negotiation is part of the game, but the PEC came too big and thought too long.”

Check out the full interview in the video above.

Source: CNN Brasil

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