Economy

Fiscal discipline is ‘non-negotiable if Lula wins Brazil election-running mate By Stocksak


© Stocksak. FILE PHOTO. LuizInacio Lula da Silva, the former president of Brazil and current presidential candidate, speaks at a meeting with representatives from society for the second round in Sao Paulo on October 10, 2022. REUTERS/Carla Carniel/File

BRASILIA (Stocksak). – Fiscal responsibility will not change if leftist leader LuizInacio Lula da Silva wins next weekend’s presidential runoff vote. Lula’s running mate Geraldo Alckmin stated on Monday.

Lula, who leads opinion polls with a narrowing margin over Jair Bolsonaro the right-wing incumbent, has been subject to pressure to flesh out his economy program, especially the fiscal rule which would replace a constitutional spending limit, which he had previously said he would abolish.

Alckmin, a former governor of Sao Paulo, did not provide details about the new fiscal anchor.

On Twitter, he wrote that “The first point of fiscal responsibility is non-negotiable.”

He said that his priorities include a rise in competitiveness, a decrease in production costs, and the recovery and employment of national industry, income, and employment.

Alckmin, who was selected as former president Lula’s running-mate in a nod toward financial markets and moderates within Brazil’s political centre, stated that a Lula government would propose a tax reform to replace five tax systems with one value-added tax (VAT).

Alckmin, who was a former power broker for the center-right Brazilian Social Democracy Party said that the government would invest in infrastructure and logistics and promote more international agreements to attract sustainable investments. He also mentioned education being a priority.

In a closed meeting with 200 businessmen, he presented the same proposals to Lula in Sao Paulo on Sunday, alongside Fernando Haddad, the Workers Party (PT), candidate for governor of the state. Lula’s campaign sought more support from the center and center-right voters.

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