LA6: Relaxation of Fiscal Frameworks
|Type of Relaxation|
|Country (coverage of rule)||Formally Missed Target1/||Escape Clause Used to Meet Target||Reduction of Targets||Adjustors Used||Changes in Coverage||One-offs and Accounting Adjustments2/||Off-Budget Activity2/|
|Brazil (NFPS)||No||No||2009, 2013–144/||2009–145/||2009–10||Yes||Yes|
|Mexico (“Traditional” balance)||No3/||2010–12||2010–12, 2014||No||2009 6/||Yes||Yes|
|Peru (NFPS, CG for the spending rule)||2009 (only spending rule)||2009–10||2009–10 (both rules); 2013 (spending rule)||No||2011–12 (only spending rule)||Yes|
|Uruguay (CPS)||2008||2009–10, 2012–14||2009, 2011, 2014||2012 (second escape clause)||No||Yes|
Initial or revised target (including revisions under escape clauses).
Operations are reported subject to data constraints; more details are provided in Annex IV.
Missed by a de minimis margin in 2008–13.
Binding target for general government suspended (December 2013); central government no longer obliged to compensate for sub-national government losses. Cap on adjustor for priority investment and cost of tax cuts removed in December 2014.
Adjustor cap removed in 2014, allowing for a NFPS primary deficit.
PEMEX investment excluded.