Lula vows to rein in Brazil's budget whenever needed

23/7/2024 7:14

        Brazilian President Luiz Inacio Lula da Silva said on Monday his government will make budget freezes whenever necessary, vowing fiscal discipline after investor doubts in recent weeks about his willingness to cut spending in order to hit budget targets.
        
        "We will make a budget freeze every time we need to do it," he told international news agencies when asked about a recent 15 billion reais ($2.7 billion) cut in the 2024 budget as his government struggles to meet this year's fiscal target.
        
        "If we spend more than we earn, we will go broke," he said, while stressing the importance of making Brazil's economy grow and controlling inflation.
        
        In the wide-ranging 90-minute interview, Lula said he was "scared" by rhetoric from Venezuelan President Nicolas Maduro ahead of Sunday's presidential election. He said he hopes U.S.-Brazil relations remain "civilized" whether Americans elect former president Donald Trump or a Democrat in November.