Truckers attend a protest on the BR-381 freeway in help of Brazil’s President Jair Bolsonaro in Igarape, Minas Gerais, Brazil, September 9, 2021. REUTERS/Washington Alves
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BRASILIA, June 29 (Reuters) – High gas costs ensuing from the Ukraine conflict have created an financial emergency in Brazil that justifies an enormous support package for self-employed truckers and others, the senator behind the government-backed proposal mentioned on Wednesday as he unveiled the measure.
The proposed constitutional modification, scheduled to be voted on Thursday, is seen as essential to boosting help for President Jair Bolsonaro, who faces an uphill battle to win re-election in October.
In addition to the 1,000 reais ($192.38) support for truckers, the invoice additionally seeks to improve by 50% the quantity paid within the Auxilio Brasil social welfare program, and improve a fuel voucher.
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Senator Fernando Bezerra mentioned the worldwide spike in vitality costs gave authorized justification for bypassing a constitutional spending cap and delivering funds to truckers, a key Bolsonaro constituency.
The state of emergency “will not be an open door for new expenses,” Bezerra mentioned in a press convention, noting the proposal has sufficient help for a Senate vote. It would nonetheless require approval within the decrease home for passage.
According to Bezerra, the entire influence of the brand new advantages is round 38.75 billion reais ($7.5 billion).
Brazilian Treasury Secretary Paulo Valle acknowledged throughout a separate convention on Wednesday that the spending proposal, together with a current tax reduce on gasoline costs, will negatively influence the price range by $55.5 billion this 12 months.
But he mentioned the associated fee ought to be offset by revenue from the privatization of energy firm Eletrobras (ELET6.SA), and from dividends by the state-owned oil agency Petrobras (PETR4.SA) and growth financial institution BNDES.
Therefore, the brand new measures don’t change the federal government’s dedication to fiscal consolidation, mentioned Valle, including that the 65 billion reais main deficit forecast for this 12 months stays unchanged from May.
($1 = 5.1981 reais)
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Reporting by Ricardo Brito and Marcela Ayres; Writing by Peter Frontini; Editing by Aurora Ellis and Richard Chang
Our Standards: The Thomson Reuters Trust Principles.
Brazil’s Senate to vote on Bolsonaro pre-election spending package & More Latest News Update
Brazil’s Senate to vote on Bolsonaro pre-election spending package & More Live News
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