RIO DE JANEIRO, (Xinhua) — Brazil’s president-elect Luiz Inacio Lula da Silva on Thursday assured supporters he will not privatize state-owned Banco do Brasil, the largest financial entity in Latin America, nor will he sell off parts of state oil giant Petrobras.
At an event in Brasilia with lawmakers from allied parties, Lula reiterated his campaign commitment not to privatize the country’s top state-owned companies.
“I want to tell you that Brazilian public companies will be respected. Petrobras will not be sold in parts. I want to say that the Bank of Brazil will not be privatized,” he said.
In addition, the National Bank for Economic and Social Development (BNDES) and the Bank of the Northeast will once again become investment banks, “even for small and medium entrepreneurs,” he said.
In his speech, Lula questioned why Brazil has an inflation target but not an economic growth target, saying the country needs to spend more on healthcare and education, which, in his opinion, will help spur growth.
“Only the government can make the decisions that can guarantee political stability, economic stability, legal stability and social stability,” Lula said. – Xinhua
