New renegotiation program should use up to R$4.5 billion from FGTS, says Marinho

BySimon Rousseau Posted on
'The impact of interest was greater than that of tariffs', says Marinho about job creation

BRASILIA, April 29 (Reuters) – Labor Minister Luiz Marinho said this Wednesday that the new debt renegotiation program that will allow workers to use part of the FGTS balance is expected to have an impact of approximately R$4.5 billion on the fund.

‘The calculation is that it should reach the order of R$4.5 billion’, said the minister in a press conference. According to him, the program should reach this value over three months of operation.

The minister, however, highlighted that the value does not represent any risk to the sustainability and maintenance of the activity of projects based on the FGTS, such as the Minha Casa, Minha Vida housing program.

Asked about how to mitigate factors that have driven defaults in general, Marinho stated that people who join the renegotiation program must give up betting on so-called bets while paying off debts through the program.

(By Victor Borges; editing by Pedro ​Fonseca)

Simon Rousseau
Simon Rousseau

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