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The Annual Borrowing Plan PAF is a National Treasury publication that shows the financing
guidelines for the Federal Public Debt DPF management, including the goals and innovations
proposed. The primary objective of these guidelines and efforts is to minimize long-term
financing costs, ensuring the maintenance of prudent risk levels, and contributing to the
proper running of the market for the public debt. This Publication is disclosed since 2001, in
which the targets assumptions and priorities are published in a structured manner. More than a
planning instrument, PAF enhances transparency and predictability in the DPF.
The Annual Public Debt Report is another effort to increase predictability and transparency of
Brazils National Treasury actions. It proposes a retrospective analysis of the DPF management
by providing inputs for the discussion of management objectives, also in terms of human and
technological resources, and its results. Previously, such function was executed by the Annual
Borrowing Plan PAF, but now the PAF will exclusively present directives, planning and targets
for the DPF management in the year to come.
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