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Lula’s Team Delays Announcement of Major Spending Plan

  • It will take $10 billion to keep current handouts to the poor
  • Full package of social promises could cost up to $40 billion
Luiz Inacio Lula da Silva after winning the runoff presidential election in Sao Paulo, Brazil
Luiz Inacio Lula da Silva after winning the runoff presidential election in Sao Paulo, BrazilPhotographer: Tuane Fernandes/Bloomberg
Updated on

Brazil’s President-elect Luiz Inacio Lula da Silva delayed the much-awaited announcement of a multibillion-dollar spending plan as his team continues to discuss ways to pay for his main campaign pledges. 

Lula returned to Sao Paulo over the weekend after a short break to oversee the process. But after a long day of closed-door meetings, a news conference scheduled for Monday was delayed for later in the week. Vice President-Elect Geraldo Alckmin is returning to Brasilia, where he is expected to announce additional members of the transition that’s under his leadership.