IMF Staff Country Report-Brazil: Selected Issues
July 31, 2023--BRAZIL'S FISCAL FRAMEWORK: CHALLENGES AND OPTIONS FOR REFORM1
A. Introduction
1. Brazil was an early adopter of fiscal rules, and the fiscal framework has guided fiscal policies for two decades. The framework helped modernize public financial management and significantly contributed to fiscal sustainability and macroeconomic stability.
At the same time, effectiveness has waned in recent periods, partly due to design problems, but also reflecting a weakening of legal provisions in the face of entrenched budget rigidities and the need to respond to shocks. Brazil's fiscal framework has also grown more complex over time.
2. The new proposed fiscal rule aims at achieving fiscal consolidation by limiting expenditures to grow less than revenues over time. The rule addresses important political priorities and helps reduce fiscal uncertainty, while providing the opportunity to prepare reforms for a gradual improvement in the primary fiscal balance.
First Trust Exchange-Traded Fund files with the SEC-First Trust Nasdaq EIA Fed Policy ETF
July 28, 2023-First Trust Exchange-Traded Fund has filed a Post-Effective Amendment, Registration Statement with the SEC for the First Trust Nasdaq EIA Fed Policy ETF.
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BlackRock ETF Trust files with the SEC-BlackRock Large Cap Core ETF
July 28, 2023-BlackRock ETF Trust has filed a Post-Effective Amendment, Registration Statement with the SEC for the BlackRock Large Cap Core ETF.
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Innovator ETFs Trust files with the SEC-Innovator Premium Income 40 Barrier ETF-October
June 28, 2023-Innovator ETFs Trust has filed a Post-Effective Amendment, Registration Statement with the SEC for the Innovator Premium Income 40 Barrier ETF-October.
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Innovator ETFs Trust files with the SEC-Innovator Premium Income 30 Barrier ETF-October
June 28, 2023-Innovator ETFs Trust has filed a Post-Effective Amendment, Registration Statement with the SEC for the Innovator Premium Income 30 Barrier ETF-October.
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Innovator ETFs Trust files with the SEC-Innovator Premium Income 20 Barrier ETF-October
June 28, 2023-Innovator ETFs Trust has filed a Post-Effective Amendment, Registration Statement with the SEC for the Innovator Premium Income 20 Barrier ETF-October.
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Innovator ETFs Trust files with the SEC-Innovator Premium Income 10 Barrier ETF-October
June 28, 2023-Innovator ETFs Trust has filed a Post-Effective Amendment, Registration Statement with the SEC for the Innovator Premium Income 10 Barrier ETF-October.
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Trust for Advised Portfolios files with the SEC-CornerCap Fundametrics Large-Cap ETF
July 28, 2023-Trust for Advised Portfolios has filed a Post-Effective Amendment, Registration Statement with the SEC for the CornerCap Fundametrics Large-Cap ETF.
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Exchange Listed Funds Trust files with the SEC-ETC Gavekal Asia Pacific Government Bond ETF
July 28, 2023-Exchange Listed Funds Trust has filed a Post-Effective Amendment, Registration Statement with the SEC for the ETC Gavekal Asia Pacific Government Bond ETF.
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Exchange Traded Concepts Trust files with the SEC-Bitwise Crypto Industry Innovators ETF
July 28, 2023-Exchange Traded Concepts Trust has filed a Post-Effective Amendment, Registration Statement with the SEC for the Bitwise Crypto Industry Innovators ETF.
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First Trust Exchange-Traded Fund VI files with the SEC
July 28, 2023-First Trust Exchange-Traded Fund VI has filed a Post-Effective Amendment, Registration Statement with the SEC for theFirst Trust Nasdaq Bank ETF, First Trust Nasdaq Food & Beverage ETF, First Trust Nasdaq Oil & Gas ETF, First Trust Nasdaq Pharmaceuticals ETF, First Trust Nasdaq Semiconductor ETF and First Trust Nasdaq Transportation ETF; Prospectus for Emerging Markets Equity Select ETF, Large Cap US Equity Select ETF, Mid Cap US Equity Select ETF,
Small Cap US Equity Select ETF and US Equity Dividend Select ETF; Prospectus for First Trust S-Network E-Commerce ETF; Prospectus for First Trust Indxx Medical Devices ETF; Prospectus for First Trust S-Network Streaming & Gaming ETF.
SEI Exchange Traded Funds files with the SEC-4 SEI Enhanced ETFs
July 28, 2023-SEI Exchange Traded Funds has filed a Post-Effective Amendment, Registration Statement with the SEC for the
SEI Enhanced U.S. Large Cap Quality Factor ETF
SEI Enhanced U.S. Large Cap Momentum Factor ETF
SEI Enhanced U.S. Large Cap Value Factor ETF
SEI Enhanced Low Volatility U.S. Large Cap ETF.
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J.P. Morgan Exchange-Traded Fund Trust files with the SEC-JPMorgan Limited Duration Bond ETF
July 28, 2023-J.P. Morgan Exchange-Traded Fund Trust has filed a Post-Effective Amendment, Registration Statement with the SEC for the JPMorgan Limited Duration Bond ETF.
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Series Portfolios Trust files with the SEC-Optimize AI Smart Sentiment Event-Driven ETF
July 28, 2023-Series Portfolios Trust has filed a Post-Effective Amendment, Registration Statement with the SEC for the Optimize AI Smart Sentiment Event-Driven ETF.
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Listed Funds Trust files with the SEC-STF Tactical Growth & Income ETF and STF Tactical Growth ETF
July 28, 2023-Listed Funds Trust has filed a Post-Effective Amendment, Registration Statement with the SEC for the
STF Tactical Growth & Income ETF
STF Tactical Growth ETF.
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