Author/Editor:

International Monetary Fund. Fiscal Affairs Dept.

Publication Date:

September 24, 2019

Electronic Access:

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Summary:

Brazil’s states have been facing severe fiscal pressures over the last years. As the economy went through a deep economic recession in 2014-16, Brazilian subnational governments had to adjust to much weaker revenue growth, while dealing with the consequences of past large increases in spending—especially on wages and pensions. Several states are now having to manage high debt levels, liquidity pressures, and accumulation of large payment arrears.

Series:

Country Report No. 19/302