Overview
- The federal government published the 2026 budget and financial programming decree (DPOF) in an extra Diário Oficial edition.
- The measure sets consolidated commitment (empenho) ceilings of R$115.7 billion through March, R$196.9 billion through November, and R$240.3 billion in December.
- The R$43.4 billion reserve from March to November reflects the gap between LOA discretionary allocations of R$240.3 billion and the R$196.9 billion commitment cap.
- Through March, the tighter R$115.7 billion cap implies an initial discretionary buffer of R$124.6 billion.
- No contingenciamentos, bloqueios or monthly phase limits are in effect, with any such decisions to follow the bimonthly fiscal report at the end of March; analysts note added relevance in an election year under LDO constraints.