Bolsonaro's Welfare Plan Shakes Brazil Markets, Officials Quit. Here's Why
NDTV
The new program proposed by Brazil's far-right President Jair Bolsonaro would start in November with a 20 per cent increase in benefits paid to nearly 17 million Brazilians in need.
A proposal by Brazil's far-right President Jair Bolsonaro to dramatically increase welfare payments to the country's underprivileged groups a year ahead of elections shook markets Thursday and triggered resignations at the Ministry of Economy.
The program could cost the government an extra 30 billion reais ($5.3 billion dollars) at a time when inflation is already high and exceed the government spending ceiling established by law.
The government announced earlier this week that it was setting up a new social welfare program to replace the "Bolsa Familia" system created by the leftist administration of former president Luiz Inacio Lula da Silva.
The new program would start in November with a 20 percent increase in benefits paid to nearly 17 million Brazilians in need.
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