Brazil's Desenrola 3.0 debt program to hit public accounts from 2027

Brazil's Planning Minister Bruno Moretti confirmed that the new Desenrola 3.0 debt renegotiation program will have a primary fiscal impact starting in 2027, with the Union's acquisition of debt portfolios capped at R$ 15 billion and subject to fiscal rules. The measure is fully compliant with existing fiscal framework, with resources planned in the 2027-2028 budget bills. This signals continued fiscal expansion under Brazil's new fiscal rules, with potential implications for market confidence in the government's commitment to fiscal discipline.