Lula Pushes to Exempt Brazil Flood Relief From Spending Rules [BNN Bloomberg (Canada)]
JP Morgan Chase & Co. (JPM)
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Source: BNN Bloomberg
“We are going to do everything in our power so that we can contribute to the recovery of the state of Rio Grande do Sul, improving people's lives and facilitating what we can facilitate,” Lula said Monday afternoon in Brasilia, where he unveiled the plan in the form of a presidential decree that still needs approval from Congress. The leftist president traveled to Rio Grande do Sul alongside congressional leaders and members of his cabinet on Sunday to survey the floods that have left at least 83 people dead. The damage has extended to key products like rice, poultry, pork and soy in a region that serves as one of Brazil's agricultural powerhouses, causing concerns of crop losses and food shortages in the area. Planning Minister Simone Tebet told reporters that the government could not estimate the overall spending need for the flood response, but that it would maintain its fiscal target for 2024. Earlier on Monday, the crisis caused swap rates to rise amid worries “about the p
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