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Government discusses initiatives to expand private debt market

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The government launches this Thursday, in Rio de Janeiro, the Financial Reform Agenda for the 2023-2024 cycle, an expanded version of what was known as "IMK," which aims to discuss with the private sector proposals for tax adjustments and regulatory improvements to stimulate the advancement not only of the capital market but also of the banking and insurance and pension sectors. The event will be attended by the Finance Minister Fernando Haddad, and Marcos Pinto, secretary for Economic Reforms. The first meeting of the group will also be held on the occasion.In an interview with Valor, Mr. Pinto said that, in this first moment, 18 themes were chosen from 120 proposals received from 40 invited associations. "We gave priority to proposals according to our agenda," he said. Among the main topics is the development of mechanisms to leverage payroll-deduction loans for private sector workers and expand the private debt market.The list also includes the debate around the adoption of mark-to-market (daily updated value) in all pension assets and solutions to reduce the costs of hedge taxation abroad.The idea is that the 18 themes will be distributed in working groups so that during August and December the proposals are produced. The suggestions that are of consensus between the government and the market will be transformed into bills and provisional measures, for example, and will be forwarded to the National Congress at the beginning of next year.In the axis that deals with the banking sector, Mr. Pinto explained that the government wants to remove obstacles to the advance of payroll-deduction loans for the private sector, a factor that he considers "super relevant and important" to lower interest rates and increase the supply of loans. He recalled that the payroll-deduction loan for pensioners of the National Social Security Institute (INSS) works because it is linked to retirement and for public servants, due to job stability."We have the challenge with IT to implement payroll-deduction loans in the private sector and I think we can do this using eSocial," he said, mentioning the Digital Tax Bookkeeping System of Tax, Social Security and Labor Obligations. According to Mr. Pinto, the government wants to study and discuss with the private sector mechanisms so that there is an automatic transfer of the...

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