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Lula Seeks Growth With Fiscal Responsibility, Economic Aide Says

  • Alexandre Padilha has been Lula’s envoy to talk with investors
  • Talks with financial markets will intensify in August, he says
Luiz Inacio Lula da Silva, Brazil's former president, speaks during a ceremony at the Metalworkers Union headquarters in Sao Bernardo do Campo

Luiz Inacio Lula da Silva, Brazil's former president, speaks during a ceremony at the Metalworkers Union headquarters in Sao Bernardo do Campo

Photographer: Victor Moriyama/Bloomberg

Brazil’s Luiz Inacio Lula da Silva plans to boost growth with a campaign against hunger and a program of government-led investments if elected president, all of that without jeopardizing fiscal accounts, according to one of his closest aides.

Alexandre Padilha, one of Lula’s many representatives in talks with financial markets ahead of the October vote, says that investors need not worry about the leftist leader overspending if he returns for a third term. The so-called spending cap rule that limits public expenditures, harshly criticized by the former president, would just be replaced by another fiscal anchor.