The Brazilian government has unveiled its Growth Acceleration Program (GAP) aimed at injecting R$1.7 trillion (US$347 billion) into the economy.
This funding, sourced both from public and private sectors, aims to spur employment, increase income, address regional and social disparities, and stimulate the nation’s economic growth.
Brazil’s president, Luiz Inácio Lula da Silva, introduced the new GAP at an event in Rio de Janeiro’s Municipal Theatre.
Key pillars of the program include promoting green transitions, fostering modern industrialization, ensuring inclusive growth, and emphasizing environmental sustainability.
Of the total GAP budget, R$371 billion will come directly from the Brazilian government’s coffers.
Contributions from the private sector will amount to R$612 billion.
Significant state-run enterprises, notably Petrobras, will contribute R$343 billion, with the remaining R$362 billion reals procured from various other financial avenues.
In his address, Lula emphasized that the program aims to harness the state’s capability to actualize the aspirations of the Brazilian populace.
He expressed the federal government’s steadfast commitment to revive stalled projects, stating the need to transform public development dreams into realities without delays or interruptions.
Lula views the GAP as the starting point of his third term in office.
He set clear expectations for his ministers to adhere to the program’s objectives and work diligently towards its successful execution.
Furthermore, Lula acknowledged the collaborative nature of the GAP’s development, noting that state governors provided insights on priority projects.
He also highlighted the private sector’s critical role in shaping the program.