Análise do regime fiscal sustentável instituído pela lei complementar nº 200, de 2023, à luz do princípio constitucional da sustentabilidade da dívida pública

Since 2000, Brazilian legislation embraces fiscal rules that establish quantitative targets for financial indicators chosen for their connection with public debt. The promulgation of Constitutional Amendment No. 109 in 2021 explicitly enshrined the principle of public debt sustainability in the Constitution. This principle imposes on the State a duty to ensure that public debt remains a viable instrument for financing public policies, while maintaining macroeconomic stability through the establishment of debt trajectory targets. The current Brazilian fiscal rule, known as the sustainable fiscal regime, generally adheres to the principle of public debt sustainability, although it could be improved by incorporating a democratic deliberation mechanism that prioritizes the definition of the debt trajectory in budget planning. Moreover, strengthening the linkage between short-term primary balance targets and the desired medium- to long-term debt trajectory could further align fiscal policy with sustainable debt management.