Brazil's Lula says he would strengthen, rather than privatize, key state enterprises


Brazil’s former President Luiz Inacio Lula da Silva speaks at Sindicato dos Metalurgicos do ABC (ABC Steelworkers' Union), in Sao Bernardo do Campo, Brazil January 29, 2022. REUTERS/Carla Carniel

BRASÍLIA (Reuters) - Former Brazilian President Luiz Inácio Lula da Silva said on Thursday he would seek to strengthen state-owned companies such as power company Eletrobras and postal service Correios if elected, potentially complicating current plans to privatize the enterprises.

The Bolsonaro government wants to privatize Eletrobras and Correios but the move has been repeatedly delayed.

Lula, in an interview with Radio Progresso, said he believes the state should maintain a strong hand in certain strategic sectors, but that he does not support widespread nationalization of already private enterprises.

Once again, Lula - who currently leads in the polls ahead of an October election - criticized the fuel policy of state-controlled oil company Petrobras which reflect international prices. Prices in Brazil have surged due to the rising price of fuel on international markets and a weakening real.

"I know the market is nervous," he said. "But we are going to 'Brazilianize' the price of gasoline. The price will be Brazilian because the investment is made in real," he added referring to Brazil's currency. Lula has previously said he wants to reduce the local cost of fuel and disconnect it from international dollar prices.

The former president said he will announce whether he will run by mid-March.

(Reporting by Lisandra Paraguassu; Writing by Ana Mano; Editing by Kirsten Donovan)

Get 20% OFF The Star Digital Access

Monthly Plan

RM 13.90/month

RM 11.12/month

Billed as RM 11.12 for the 1st month, RM 13.90 thereafter.

Best Value

Annual Plan

RM 12.33/month

RM 9.87/month

Billed as RM 118.40 for the 1st year, RM 148 thereafter.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In World

Three ships struck by drones in Black Sea near Romanian shipping canal, PM says
Jordan sentences three men to death over deadly church attack
Trump's judge appointment blitz faces Republican resistance
Pope Leo to cross Peru for visits to Inca city, Amazon gateway
Nearly 1,500 migrants arrive in Canary Islands in one day
Planes collide while taxiing at Miami Airport
Cape Verde votes for president with emigration in focus
ASEAN to continue 'constructive and principled engagement' with Myanmar, bloc's chair Philippines says
Bahrain's interior ministry issues alerts of potential threats
Guatemala decrees state of emergency in two departments after lawmaker killed in attack

Air Pollutant Index

Note: API is calculated based on 24hr running average of the most dominant parameter.

Highest API Readings

    Select State and Location to view the latest API reading

    Others Also Read