Brazil's Lula urges Congress to cut spending to help 'beat' financial markets | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Thursday
July 24, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
THURSDAY, JULY 24, 2025
Brazil's Lula urges Congress to cut spending to help 'beat' financial markets

World+Biz

Reuters
12 November, 2024, 10:50 am
Last modified: 12 November, 2024, 10:52 am

Related News

  • Brazil's top court orders raids on Bolsonaro; Washington revokes judge's visa
  • Trump says he will speak to Lula at some point as Brazil downplays tariff impact
  • Trump tariff on Brazilian goods could jack up US burger price
  • Trump's Brazil tariff rattles coffee market, could raise prices in US
  • Trump says BRICS nations to get 10% tariff 'pretty soon'

Brazil's Lula urges Congress to cut spending to help 'beat' financial markets

Leftist leader Luiz Inacio Lula da Silva told broadcaster RedeTV! "I beat them once and I will win again," after market jitters over the sustainability of Brazil's public finances sent the local currency tumbling and interest rate futures soaring

Reuters
12 November, 2024, 10:50 am
Last modified: 12 November, 2024, 10:52 am
Brazilian President Luiz Inacio Lula da Silva speaks to foreign media at Planalto palace in Brasilia, Brazil, July 22, 2024. Photo: REUTERS/Andressa Anholete/File Photo
Brazilian President Luiz Inacio Lula da Silva speaks to foreign media at Planalto palace in Brasilia, Brazil, July 22, 2024. Photo: REUTERS/Andressa Anholete/File Photo

Brazil's president vowed to beat the "speculative greed" of financial markets in an interview broadcast late on Sunday and urged Congress to set an example by cutting spending as the government readies new fiscal measures.

Leftist leader Luiz Inacio Lula da Silva told broadcaster RedeTV! "I beat them once and I will win again," after market jitters over the sustainability of Brazil's public finances sent the local currency tumbling and interest rate futures soaring.

Brazil's real has recently dropped to its weakest against the dollar since March 2021, piling pressure on the government to introduce spending cuts quickly to show it is committed to fiscal discipline.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

"I am in a very, very serious discussion process with the government... We can no longer play, every time we have to cut spending, on the shoulders of the people most in need," Lula said.

"It's a responsibility of the executive, it's a responsibility of the judiciary. I want to know if they are also willing to give up what is excessive, I want to know if Congress is also willing to cut spending," Lula added.

Lula's has typically viewed spending on things like education and social security as investments rather than expenses, but many economists have warned the fiscal framework will become unsustainable unless changes are made.

Even the central bank underscored the need for fiscal discipline to counter inflation as it accelerated the pace of monetary tightening at its last meeting.

The fiscal framework combines primary budget targets with a cap for overall spending growth to a certain threshold above inflation. However, with many mandatory expenses - such as social benefits and pensions - growing at a faster rate, the framework restricts room for investments and operational spending.

Top News

Brazil / Luiz Inacio Lula da Silva

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo:UNB
    Bangladesh, US set for crucial online meeting tomorrow over tariff issue
  • What led to BB's dress code circular, will any action be taken against those involved?
    What led to BB's dress code circular, will any action be taken against those involved?
  • A crane removes debris from the BAF fighter jet that crashed into Milestone School and College on Monday, 21 July 2025. Photo: Olid Ibna Shah/TBS
    Milestone tragedy: 15-year-old succumbs to 85% burn injuries; death toll at 30

MOST VIEWED

  • Photo: Collected
    Bangladeshi man jailed for life in UK for murdering wife in front of their baby
  • Ctg port authority halts contractor recruitment for Kamalapur ICD operations for two months
    Ctg port authority halts contractor recruitment for Kamalapur ICD operations for two months
  • Fire at Cosmo School in Mirpur on 23 July 2025. Photo: TBS
    Fire breaks out at Cosmo School in Mirpur following generator explosion
  • Representational image. File Photo: Rajib Dhar/TBS
    Debate arises as edu adviser says postponed HSC exams of 22 and 24 July will be held on same day
  • BB issues dress code for all, discourages short-sleeved or length dresses, leggings for female staff
    BB issues dress code for all, discourages short-sleeved or length dresses, leggings for female staff
  • Infographics: TBS
    Stay orders won’t shield defaulters: BB governor 

Related News

  • Brazil's top court orders raids on Bolsonaro; Washington revokes judge's visa
  • Trump says he will speak to Lula at some point as Brazil downplays tariff impact
  • Trump tariff on Brazilian goods could jack up US burger price
  • Trump's Brazil tariff rattles coffee market, could raise prices in US
  • Trump says BRICS nations to get 10% tariff 'pretty soon'

Features

Photo: Collected

24 July: More than 1400 arrested, 3 missing coordinators found

15h | Panorama
Photo: Mehedi Hasan/TBS

Aggrieved nation left with questions as citizens rally to help at burn institute

1d | Panorama
Photo: Mehedi Hasan/TBS

Mourning turns into outrage as Milestone students seek truth and justice

1d | Panorama
Illustration: TBS

Uttara, Jatrabari, Savar and more: The killing fields that ran red with July martyrs’ blood

2d | Panorama

More Videos from TBS

Gaza relief workers are being shot at

Gaza relief workers are being shot at

7m | TBS World
Decisions taken by the advisory council in the Milestone School plane crash

Decisions taken by the advisory council in the Milestone School plane crash

22m | TBS Today
Turkey has a dangerous hypersonic missile in its arsenal

Turkey has a dangerous hypersonic missile in its arsenal

1h | TBS World
Bangladesh Bank withdraws dress code guidelines

Bangladesh Bank withdraws dress code guidelines

2h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net