Lula da Silva promises not to privatize large companies or banks if he wins Brazil’s election

Brazil’s former President Luiz Inácio Lula da Silva, who is leading all polls ahead of October’s presidential elections, today assured that he would not privatize any large companies or public banks if he returns to the presidency.

At an event in Belo Horizonte, Lula da Silva, presidential candidate of the Workers’ Party (PT, left), assured that he wanted to promote the industrialization of Brazil and that to do so, he would not have to privatize large companies or public banks.

“We will recover Brazilian industry; Petrobras will not be privatized. Banco do Brasil will not be privatized. Caixa Economica will not be privatized, and the National Bank for Economic and Social Development (BNDES) will not be privatized. These banks will be put at the service of the country’s development. And the Post Office will not be privatized either,” Lula da Silva said at the event.

According to a Datafolha poll released Thursday, Lula da Silva would win the first round of Brazil’s presidential election with 47 percent of the vote against 32 percent for Bolsonaro. That result would lead to a second round in which Lula da Silva would win with 54 percent of the vote against Bolsonaro with 37 percent.

For the full picture, see our Brazil Tax Reform: Complete Guide.