Tax & Spend

Brazil President Lula Set to Unveil Budget Plan That Won’t Please Anyone

Proposal is likely to let down investors who seek debt control
Government once again turning to income measures to hit target

Luiz Inacio Lula da Silva, Brazil’s president, left, and Fernando Haddad, Brazil’s finance minister, at the Planalto Palace in Brasilia, BrazilPhotographer: Andressa Anholete/Bloomberg

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By Martha Beck and Josue Leonel

August 30, 2024 at 12:48 PM UTC

This article is for subscribers only.

Brazil President Luiz Inacio Lula da Silva is set to release a budget plan for next year that is likely to displease both financial markets and his leftist political allies.

The proposal, which the government plans to unveil Friday, neither includes the amount of new investments Lula’s Workers’ Party wants to boost growth nor the structural spending reductions that will produce the decline in public debt sought by investors, according to people with knowledge of the matter.