In its fifth edition, this Fiscal Projections Report presents and discusses medium-term projections for the main fiscal variables of the Central Government. In addition to the recurring content, it includes a box with the recent evolution of discretionary expenses in terms of spending functions and their distribution between investment expenses and administrative costs of the Central Government. It also presents the dependency relationship of these spending categories with the existence of fiscal space and the influence of parliamentary amendments on these expenses.

In previous editions, the Report included a fiscal scenario projection based on the macroeconomic scenario of the Focus Survey. However, due to the mobilization of STN civil servants for the appreciation of the Finance and Control Career, the scenario was not constructed.

A challenging scenario is projected for the management of fiscal policy in the coming years, with an expectation of an increase in public debt in the short term and stabilization in the medium term, given the economic growth scenarios and reduction in interest rates, and maintaining the fiscal consolidation effort, which entails the adoption of measures to recover revenue or review expenses.