Brazil Rolls Out $9.9 Billion Plan to Help Victims of Massive Floods
- Measures to help 3.5 million people in Rio Grande do Sul
- Lula said government to unveil additional help next week
Residents walk through floodwater following heavy rains in Porto Alegre, Rio Grande do Sul state, Brazil, on May 6, 2024.
Photographer: Carlos Macedo/BloombergThis article is for subscribers only.
Brazil Finance Minister Fernando Haddad rolled out a plan worth 50.9 billion reais ($9.9 billion) Thursday to help millions of people hit by floods in the nation’s south as investors keep a wary eye on public spending.
The initial measures, which include subsidized credit from the federal government, will be directed to 3.5 million people including workers, social program beneficiaries and rural producers, as well as companies, states and municipalities, Haddad said. The proposals entail an impact of 7.7 billion reais on this year’s primary budget result, which excludes interest payments, he said.