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Presidential Candidates Reiterate Intentions To Extend Social Aid

BRAZIL
  • In an interview with SBT channel on Tuesday, President Bolsonaro stated his intention to keep the Auxilio Brasil cash aid at a minimum of 600 reais per family into 2023, pending the approval of a constitutional amendment.
  • The president indicated the plan has been discussed with Economy Minister Guedes, and the budget guidelines will include the continuation of the increased aid with record tax revenues creating the necessary fiscal space.
  • It is worth noting that front-runner Luiz Inacio Lula da Silva has also pledged to keep the aid at 600 reais concluding that either candidate will need Congressional approval for the continuity of the social aid program.
  • The permanence of such measures had been a source of worry for market participants and may bolster lingering fiscal headwinds in the coming months.
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