Brazil s Lula unveils $200 billion infrastructure plan as sceptics caution about spending spree
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Brazil s Lula unveils $200 billion infrastructure plan as skeptics caution about spending spree
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Brazil s Lula unveils $200 billion infrastructure plan as skeptics caution about spending spree
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Brazilian President Luiz Inácio Lula da Silva on Friday unveiled a plan to spend 1 trillion reais (nearly $200 billion) on infrastructure, energy and transportation over the next four years, part of a larger effort to boost economic growth and employment in Latin America’s largest nation. The Growth Acceleration Program, known under its Portuguese acronym PAC, has been met with skepticism from analysts and investors, who say previous, similarly ambitious programs have included projects that never saw the light of day and opened the door to vast corruption schemes. Funding included in this year's PAC is expected to go towards infrastructure projects including new highways and ports as well as energy efficiency and urbanization programs in slums.