Brazilian markets delivered a negative initial verdict on leftist President Luiz Inacio Lula da Silva's first full day in office on Monday, after he pledged to prioritize social issues, while also ordering a budget-busting extension to a fuel tax exemption.
In speeches delivered at his inauguration in Brasilia on Sunday, Lula promised that tackling hunger and poverty would be "the hallmark" of his third presidency after two previous stints running the country from 2003 to 2010.
On Monday, Lula instructed ministers to revoke steps to privatize state companies taken by the previous administration, including studies to sell oil company Petrobrasextending an exemption for fuels from federal taxes, a measure passed by his predecessor aimed at lowering their cost in the run-up to the election, but that will deprive the Treasury of 52.9 billion reais a year in fiscal income.
Economy Minister Fernando Haddad had said the waiver would not be extended, creating a division in the new Cabinet, but Senator Jean Paul Prates, who is expected to becomeHaddadhe will propose a new fiscal anchor to restore public accounts. "We are not here for adventures," he said in a speech, seeking to calm market jitters.
The meetings started with the King of Spain, and continued with South American presidents, among them the leftist leaders of Argentina, Chile and Bolivia, as well as representatives from Cuba and Venezuela, and Vice President Wang Qishan of China.
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