Luiz Fernando Figueiredo said there is no security in the way the president-elect proposes to maintain social programs
The former director of central bank Luiz Fernando Figueiredo said in an interview with Folha de S. Paulo published on Thursday (10.Nov.2022) that the president-elect Luiz Inacio Lula da Silva (PT) created an unnecessary conflict with the market by proposing a hole in the spending ceiling to enable the maintenance and intensification of social programs in its government.
According to him, the campaign speech used by PT to talk about his ideas makes the market insecure about how he will deal with the leak. “The market is not a group of people from Faria Lima. They are investors from all over the world, we are the ones who are making our decisions, the companies, everyone”said Figueiredo🇧🇷
He also analyzed that the problem caused is “when you say you’re going to spend it and you don’t know what you’re going to do”that is, that Lula needs to plan to align the PEC (Project to Amendment to the Constitution) to the reality of the market.
“We’re going to spend more now because it’s socially necessary, but won’t this issue of indebtedness be resolved? The stock market is down more than 4% today [na 5ª feira, segundo a entrevista], the exchange rate is devaluing. The market reacted very negatively.”
In the interview with the newspaper, the former director also said that Lula has a great opportunity in his choice for Minister of Finance. According to him, the elected president needs someone who knows how to communicate with the National Congress and who brings a large technical team to the ministry.
“We are facing a mega opportunity. Brazil loves to miss an opportunity. Hope you don’t miss this one”said.
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