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Bolsonaro Rolls Out $32 Billion Social Plan Eyeing Election

  • Workers to get access to loans, severance fund withdrawals
  • Brazilians suffering from surging inflation, weak growth
Jair Bolsonaro, Brazil’s president
Jair Bolsonaro, Brazil’s presidentSource: Bloomberg
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Brazil President Jair Bolsonaro is unveiling a package of social spending that will inject 165 billion reais ($32.4 billion) into the economy as he redoubles efforts to boost support ahead of this year’s elections.

The government will allow withdrawals of 1,000 reais from FGTS severance funds, bring forward 13th salary payments that are typically made later in the year and guarantee loans for workers with troubles accessing credit. The plan, which does not represent additional public spending this year, is focused on the poor and middle-class and was announced at an event at the presidential palace on Thursday.