The new political program, which must be approved at the party’s congress from April 23 to 26 in Brasília, advocates changes to the current fiscal regime, which is described as “restrictive”.
It also advocates a series of changes in the functioning of and the review of the inflation targeting regime.
The Panel had access to the base document of a commission coordinated by former minister José Dirceu on the review of the party program. It will still be submitted to congress and may receive amendments before being approved, but no major changes are planned.
When defending the economy’s greater investment capacity, to increase the GDP growth rate to levels above 5%, the text says that the objective “requires facing the limits imposed by the current fiscal regime”.
“The rules in force today restrict the State’s ability to make strategic investments, subordinating development to parameters that do not consider the country’s structural needs”, he says.
Although it does not cite the document by name, it basically defends its change.
“Overcoming this impasse requires the construction of a new institutional and fiscal arrangement, capable of restoring public investment capacity, guaranteeing predictability and at the same time ensuring macroeconomic responsibility”, he states.
Elsewhere, the program says that “the resumption of higher rates of economic growth depends on facing the limits imposed by the current macroeconomic regime.”
The points defended in the PT text will not necessarily be in the government program, which will be a synthesis of various contributions, including from allied parties. But they must have relevant weight in the event of a new term for the president.
The fiscal rules approved by Haddad were never popular with a large portion of the party, as they were seen as an exaggerated nod to the market and limited public spending in infrastructure and social areas.
Likewise, the PT document defends profound changes in the BC, another institution that has little sympathy in the party.
One of the most relevant would change the law that granted autonomy to the monetary authority, approved during the Jair Bolsonaro government.
It would not be revoked, but there would be harmonization of the mandate of the presidents of the BC and the Republic, “ensuring greater coordination between monetary, fiscal and development policies”. Today, the terms of office do not coincide, which meant that Lula had to live for two years with
The PT also advocates redefining the BC’s objectives, incorporating, in addition to controlling inflation, targets for growth, employment and financial stability.
A so that it is compatible with the objectives of economic growth, job creation and development. The party also mentions that the interest rate should be below 10% — today it is 14.75%.
Finally, the composition of the National Monetary Council (CMN), which defines the inflation target, would be expanded, to “align its decisions with a national development project”. Currently, only the Ministers of Finance and Planning and the President of the BC are part of the body.
“[É preciso] combining structurally lower interest rates with a competitive real exchange rate, capable of supporting national investment strategies, rebuilding infrastructure, expanding the absorption of technology, gaining scale and densifying production chains, increasing the country’s industrial competitiveness and export capacity”, summarizes the document.
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