IMF Calls for Brazil to Reform and Increase Taxes

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Although more optimistic about Brazilian GDP growth, the International Monetary Fund (IMF) recommended on Thursday that the Brazilian government increase taxes to seek to balance its public accounts. According to a document released by the entity, the country should not only decrease expenditures but increase taxes and continue to conduct structural reforms so as to reduce earmarked spending, such as social security.

"The new government should complement the proposed limit for current federal spending with tax measures and confront the rigidity of spending and unsustainable mandates, including the pension system . . .

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