Brazilian Economy Minister: “There Will Be Flood of Credit Until Year-end”
RIO DE JANEIRO, BRAZIL – Minister of Economy Paulo Guedes said on Friday, August 28th, that the government is “finalizing” a set of credit measures to support companies in facing the novel coronavirus pandemic. “There will be a flood of credit until the end of the year. The money has finally reached the tip,” he commented in the Brazil Steel Web Conference – Post Covid-19.
According to him, between R$2 million (US$400,000) and R$4 million are being granted in credit through programs such as the Pronampe and that for individual micro-entrepreneurs, through payment terminals. “The economy is now picking up,” he said. “Credit, which experienced difficulties in the beginning, is now here and coming in.”
Guedes also stated that the government is in the “final stage” of defining the program to serve the low-income population. He said it has not yet been decided whether the option will be to invest in the emergency aid at a lower amount until the end of the year or directly into the Renda Brasil (Brazil Income), a “robust program, but one that requires adjustments”, he said, when discussing the program that will replace the Bolsa Família (Family Grant).
The Minister assured that “everything will be done within the ceiling, with fiscal responsibility, with transparency,” he said.
He also joked with what he called a leak of the Ministry of Economy’s initial proposal, which provided an amount of R$247,00, conditioned to other measures, such as the end of the salary bonus or deductions with health and education in the income tax.
“I used one of these,” he said, in reference to President Jair Bolsonaro’s call, who disliked the proposal and ordered it to be reassessed.
The Minister joked about it. “Come on President, that’s a slide-tackle, a dangerous play, I’m glad it was out of the box, otherwise it would have been a penalty kick,” he said.
Source: Gazeta Brasil
More: Brazil news in English, every day from The Rio Times.
Live Market IntelligenceBrazil — Live Market Board
Rio Times · Live Market Intelligence
Brazil — Live Market Board
+0.30%
175,664.62
+0.30%
65,561.46
-0.41%
11,445.90
-0.22%
2,979,472
-0.72%
2,457.87
-1.28%
60,779.49
-1.40%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 175,664.62 | +0.30% | +21.85% | 175,135.41 | 168,310 | 167,142 | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| SELIC | 14.00% | — | — | — | — | — | |
| PETR4 | 41.64 | -0.05% | +35.19% | 41.66 | 41.97 | 41.15 | 41,499,400 |
| VALE3 | 72.97 | +0.83% | +30.75% | 72.37 | 73.54 | 72.66 | 17,658,000 |
| ITUB4 | 38.60 | -1.03% | +4.57% | 39.00 | 39.34 | 38.39 | 29,487,800 |
| BBDC4 | 16.85 | +0.36% | +3.50% | 16.79 | 16.90 | 16.67 | 19,416,900 |
| BBAS3 | 19.37 | +0.47% | +0.73% | 19.28 | 19.44 | 19.16 | 11,069,200 |
| B3SA3 | 14.26 | -0.21% | +12.73% | 14.29 | 14.47 | 14.11 | 33,037,800 |
| ABEV3 | 14.89 | -0.80% | +21.91% | 15.01 | 15.07 | 14.81 | 16,453,100 |
| WEGE3 | 47.59 | +0.49% | +29.99% | 47.36 | 48.08 | 47.36 | 3,364,600 |
| PRIO3 | 59.14 | -0.19% | +50.67% | 59.25 | 59.81 | 58.74 | 3,325,600 |
| SUZB3 | 41.33 | +2.35% | -23.55% | 40.38 | 41.48 | 40.35 | 3,914,900 |
| RENT3 | 34.68 | -0.09% | +0.84% | 34.71 | 34.96 | 34.35 | 7,979,100 |
| AZZA3 | 15.89 | -2.63% | -53.76% | 16.32 | 16.42 | 15.82 | 1,330,300 |
| CSNA3 | 4.30 | +0.47% | -42.65% | 4.28 | 4.41 | 4.26 | 10,076,100 |
| GGBR4 | 24.69 | +2.19% | +51.38% | 24.16 | 24.85 | 24.18 | 7,047,600 |
| ENEV3 | 24.21 | -1.38% | +70.49% | 24.55 | 24.64 | 23.99 | 9,297,000 |
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
Read More from The Rio Times