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Brazil to grant fuel relief to 750,000 truckers, Bolsonaro says -Breaking

by Mike Robinson

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© Reuters. During protests by truckers against Brazilian President Jair Bolsonaro at Valparaiso de Goias in Goias State on September 9, 2021, a truck passed a nearby gas station. REUTERS/Adriano Machado/Files

BRASILIA/SAO PAULO – On Thursday, Brazilian President Jair Bolsonaro stated that his government had decided to give fuel relief for approximately 750,000 truckers in order to offset the price increases. It was just hours after stating that a proposed new welfare program won’t violate a constitutional limit.

Investors who feared government spending on the new “Auxilio brasil” welfare program could be further harmed by his comments on truckers were alarmed.

After Bolsonaro’s remarks, the Brazilian real suffered more losses than the U.S. Dollar, plummeting by more than 22% while the stock market fell more than 44%.

Bolsonaro told an audience that his government had decided to increase Brazil’s welfare payments to 400 reais ($70 per month) for approximately 17 million families. However, he said it would do so in a responsible manner.

Paulo Guedes (Minister of Economy) stated on Wednesday, that the government had been considering asking for a waiver to constitutional spending limits at 30 billion reais ($5.3billion).

($1 = 5.6774 reais)

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