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OECD Network of Parliamentary Budget Officials (PBO) and
Independent Fiscal Institutions (IFI´s)
APRIL - 2017
A Brief Description of Work Agenda and Institutional Framework of
Brazilian Independent Fiscal Institution (IFI)
First of all, we would like to profoundly thanks Lisa Vontrapp for all efforts and support in
order to make our visit to PBO viable. Unfortunately, we were not able to manage all the
workflow process until the event deadline. We fell deeply sorry for that.
Institutional Framework
Brazilian Independent Fiscal Institution was created in 3
rd
November last year, through the
Resolution 42, which was submitted to the Senate plenary. In 30
th
November, the executive
director, Felipe Salto, chosen by the president of Senate, was designated. As our Resolution
follow the guideline stablished in OBR model, there are three directors: Felipe Salto, already
chosen, Gabriel Barros, previously indicated by Economic Affair Commission (CAE), and the
last one that must be indicated by supervision and control commission (CMA). All directors
candidate have to submit to public argument and be approval by the upper house.
The institutional framework also provide a Technical Advisory Committee (CAT), similar to
the CBO model. There must be until 5 members, unpaid, named by executive director, who´ll
assist the team of analysts on different issues foreseen in work agenda and, particularly,
support IFI to fulfill its institutional mission. Brazilian senior economists will probably form
the composition of CAT as: Jose Roberto Afonso (one of the key economists who worked on
FRL Law design), Edmar Bacha (one of the key economists who worked on Real Plan),
Gustavo Loyola (former President of Central Bank), Yoshiaki Nakano (former special
secretary for economic affairs of the Ministry of Finance and former secretary of finance of
the state of São Paulo) and Bernad Appy (former secretary of economic policy of the
Ministry of Finance).
Team
Currently, the team is composed by 3 analysts plus 2 directors (with Barros waiting for
public argument). Two of three analysts came from Senate Consultancy (Daniel Couri and
Josue Pellegrini) and, the last one, from de Planning Minister (Carlos Gasparini). The
executive director, Felipe Salto, after working on private economic consultancy and have
been teaching on FGV, was invited to advise the senator Jose Serra (former Minister of
foreign affairs and health). Gabriel Barros, after working as a researcher at FGV, was invited
to Eduardo Loyo (former director of Central Bank and chief economist at BTG Pactual) to
lead fiscal accounts analysis.
Work Agenda and Reports
The agenda for this year is a work in progress and should contain analysis focus on (i) tax
burden, (ii) subnational fiscal balance, (iii) the relation between Treasury and Central Bank,
(iv) debt sustainability analysis (gross and net), consistent with primary results and
potential fiscal reforms like the social security, (v) tax exemptions, (vi) elasticity of revenues
to GDP, as well as how different compositions affects that relation, among others.