This web page provides information on the activities of the Office, views of the IMF staff, and the relations between Brazil and the IMF. Additional information can be found on Brazil and IMF country page, including official IMF reports and Executive Board documents in English that deal with Brazil.

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At a Glance

  • Current IMF membership: 190 countries
  • Brazil joined the Fund on January 14, 1946
  • Quota: SDR 11,042.0 million
  • The last Article IV Executive Board Consultation was on August 3, 2018 (Country Report 18/253 )

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Office Activities

  • Joint seminars with Casa das Garças and FGV School of Economics on the book Brazil: Boom, Bust and the Road to Recovery

    Antonio Spilimbergo (IMF Mission Chief for Brazil) and Krishna Srinivasan (Deputy Director at the IMF Western Hemisphere Department) presented a new IMF book overviewing Brazil’s recent economic history and recommended policies to sustain stable and inclusive growth. The book launch events took place at Casa das Garças, RJ and the FGV School of Economics in São Paulo.

    March 14, 2019

  • Making Public Investment in Brazil More Efficient

    On the occasion of the presentation of the Fund’s Public Investment Management Assessment report at the National Treasury, Teresa Curristine (Fiscal Affairs Department at the IMF) and Joana Pereira (IMF Resident Representative) blogged about steps to improve Brazil’s infrastructure efficiency and quality.

    December 21, 2018

  • IDB, World Bank and IMF organize a seminar on Brazil’s fiscal challenges

    At this joint seminar experts from Brazil discussed the fiscal challenges and possible solutions that the next government will face. At the occasion, Resident Representative Fabian Bornhorst presented the main findings of the IMF’s technical assistance in the area of public financial management reforms.

    November 29, 2017

  • Meeting with Labor Union Representatives from UGT

    The IMF met with Union Representatives in São Paolo to hear their views about the social security reform and their concerns about the recently approved labor reform.

    November 8, 2017

  • Making the Spending Rule Work

    Teresa Curristine (Fiscal Affairs Department at the IMF) and Resident Representative Fabian Bornhorst blogged ( about how public financial management reforms can help embed the new spending rule into the budget process and strengthen medium term fiscal planning.

    October 4, 2017

IMF's Work on Brazil


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Regional Economic Outlook

October 2021 Regional Economic Outlook for Western Hemisphere - Cover

Western Hemisphere

Regional Economic Outlook: A long and winding road to recovery
October 2021

An economic recovery is underway in Latin America and the Caribbean (LAC) but the pandemic still casts shadows on much of the region. The recovery was robust in the first quarter of 2021 but lost momentum in some countries in the second quarter, reflecting the rebound in COVID-19 cases. Real GDP is projected to grow by 6.3 percent in 2021, followed by a more moderate growth of 3 percent in 2022, but would not catch up with pre-pandemic trends in the medium term as persistent weakness in labor markets raises risks of scarring. Broadly favorable external conditions, high commodity prices, and pent-up demand support short-term growth, while monetary and fiscal policy reversals work in the other direction. Risks to the outlook are tilted downward. Main downside risks are the emergence of more transmissible and deadlier COVID-19 variants, tightening of global financial conditions, sovereign debt rollover risks, and social unrest as a year with heavy election schedule looms. Fiscal policy should allocate sufficient resources for health spending, including vaccination, and continue to support households and firms in a more targeted fashion while the pandemic persists, backed by credible assurances of medium-term debt sustainability to maintain access to finance. Monetary policy has started to address inflationary pressures but should continue to support economic activity insofar as the dynamics of inflation expectations permit. Financial policy should shift from blanket support to targeted support of viable firms, to ensure that necessary labor and capital reallocations are not hindered. Supply-side policies should foster inclusive growth, including through progressive and growth-friendly tax reforms and measures to intensify climate change adaptation and mitigation.

Read the report