Economy & Business - May 2023

BRAZIL: A new cap on more government spending

Even before Luiz Inácio Lula da Silva took office as Brazil’s president in January, he got congress to waive a spending cap and allow him to borrow an additional R$168bn (US$32bn). Investors didn’t like it. Now the shoe is on the other foot and Lula is trying to reassure investors by adopting new rules on government spending as well as plans to reduce the country’s gaping budget deficit. He’s had mixed success so far

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