Brazil to Spend $15.1 Bln on Anti-Crisis Housing Plan (Update2) - Bloomberg.com
Brazil to Spend $15.1 Bln on Anti-Crisis Housing Plan (Update2) - Bloomberg.com Brazil to Spend $15.1 Bln on Anti-Crisis Housing Plan By Andre Soliani and Joshua Goodman March 25 (Bloomberg) -- Brazil will spend 34 billion reais ($15.1 billion) to build a million homes for low-income workers as President Luiz Inacio Lula da Silva seeks to spark growth in a slumping economy. Finance Minister Guido Mantega said the homebuilding drive, which depends on government-subsidized credit lines, would inject 60 billion reais into the economy and increase economic growth by 2 percentage points. The plan would also create 1.5 million new jobs, he said. Lula is trying to spark economic growth and boost employment as companies cut output to weather the first global recession since World War II. Brazil’s economy, Latin America’s biggest, may contract by the most in at least 61 years, Morgan Stanley said in a March 16 report. “This is an emergency response, on the one hand to the global economic crisis