Finance Minister says he will present Lula with measures to adjust the government’s accounts
The Minister of Finance said this Thursday (9.Oct.2025) that he will present measures to the president (PT) to adjust the accounts. The declaration comes after, in defeat for the government, the IOF MP (Provisional Measure) () . According to him, as an alternative, the amendments could be cut.
The text had been presented by the government as an alternative to increasing the IOF (Financial Operations Tax). With the loss of validity of the MP, Planalto will no longer collect R$31.4 billion from 2025 to 2026 and will have to deal with a budget hole until the end of the mandate.
“There may be amendments cut, but this is within the established rule, the complementary law that Congress approved. There is a rule that affects Congress too,” Haddad told reporters.
The fiscal rule determines that amendments can be implemented when resources are frozen.
According to him, the biggest impact of the MP’s overthrow on public accounts will be in 2026. “We have time, let’s use this time to very carefully evaluate each alternative”, he stated.
“We know about the movement of political forces in the country, around the protection of privileges, especially those of Faria Lima staff”he declared, referring to the avenue in São Paulo that concentrates banks and large investment managers and is associated with the financial market.
The minister declared that the economic team will present different proposals and scenarios to Lula, “even to give him degrees of freedom so that he can weigh the alternatives”.
According to the minister, Lula asked “have information about who acted to defend these privileges and the consequences that this would have“if the government accepted”passively what has already happened”.
Haddad said that the economic team always “sought to open possibilities for the president to evaluate the best composition of measures to address both fiscal and social issues”.
He stated: “I said yesterday and I repeat, the same forces that opened the coffers in 2022 to try to guarantee the re-election of [ex-presidente Jair] [PL]are the same ones who are disorganizing the 2026 Budget to obtain the electoral result. They are the same forces”.
And he added: “I mean, those people from 2022 who didn’t care about public spending, now decided to pose as champions”.
MP DO IOF
MP 1,303 of 2025 was published in June to compensate for the loss that the government had in a clash with Congress over the increase in the IOF (Financial Operations Tax).
At the time, Planalto had issued a decree raising the tax; Congress approved a PDL and suspended the measure. Afterwards, the government contacted the STF, which issued the decree, keeping the incidence on withdrawn risk (an operation used by retailers to obtain working capital through the assignment of receivables) suspended.
As this part of the IOF was out of reach, Lula and Fernando Haddad sent the MP to Congress to compensate for the loss of revenue. Provisional measures have the force of law, but must be approved within 120 days or they lose their validity.
In the original proposal, the government estimated R$12 billion in 2025 and R$31.2 billion in 2026. With the exclusion of withdrawn risk, the projections fell to R$11.55 billion in 2025 and R$27.7 billion in 2026.
These values, however, will change. The exact value is not yet clear, but there will be a loss of billions of reais in 2026 (less revenue and fewer containment measures). The text approved by the special commission that analyzed the text on October 7, 2025 came out dehydrated.
