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Financial News: Moody's: Upcoming Elections Increase Policy Uncertainty In

Moody's: Upcoming Elections Increase Policy Uncertainty In Latin America

02/02/2018 - 16:19:00 (RTTNews)

(RTTNews) - The upcoming presidential elections in Latin America pose risks to fiscal and structural reforms in the region, said Moody's rating agency in a new report on the region.

"New governments may be less committed to pursuing ambitious reform agendas, following several years of weak growth. Even if commitment to reform remains, implementation may be challenging due to lack of political support," the agency warned.

Moody's analysts noted that corruption allegations against elected officials and weak economic performance throughout the region had fueled discontent with the current governments. "As such, there has been a surge in candidates that oppose reforms ahead of 2018 presidential elections in Brazil (Ba2 negative), Colombia (Baa2 stable) and Mexico (A3 negative) -- some of them new to politics or unaffiliated with traditional parties, promoting policies that tend to be at odds with those advocated by the established parties," said the report.

"Given the popularity of such candidates in Mexico and Brazil, these two countries face increased risk of policy reversals that could undermine fiscal consolidation and structural reform efforts," Moody's said.

In Colombia, despite growing dissatisfaction with the current government, institutional features, as well as support from the leading presidential candidates for prudent fiscal policies, would contribute to policy continuity despite political polarization, according to the rating agency.

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