UPDATE 1-Brazil prepares ’emergency’ 42-bln-reais stimulus From workers’ fund #Will_Be

UPDATE 1-Brazil prepares ’emergency’ 42-bln-reais stimulus From workers’ fund #Will_Be

February 14, 2020 0 By NewsTakers

(Recasts lead with Bolsonaro comments, adds details and context)
BRASILIA, July 24 (Reuters) – Every Brazilian will be able to withdraw up to 500 reais ($133) from his or her workers’ severance fund accounts, in what President Jair Bolsonaro said Wednesday will be an “emergency” 42-billion-reais stimulus injection into a sputtering economy.
Economists are forecasting a string of interest rate cuts this year aimed at lifting Latin America’s largest economy out of a prolonged funk since the punishing 2015-16 recession, but weak tax revenue leaves little room for major fiscal stimulus.
Yes, it is an emergency, because our economy is not doing well, although it is already showing signs of recovery,” Bolsonaro said to reporters in Brasilia.
On Tuesday, Economy Minister Paulo Guedes said some 30 billion reais will be freed up from the FGTS fund this year and 12 billion reais next year.
Details of the measure are expected at an Economy Ministry press conference at 4 p.m. local time (1900 GMT) on Wednesday.
“This year,there will be a withdrawal limit of 500 reais per account.
From next year, if you have enough money in the account, the percentage will be lower, and if you don’t have much left, the percentage will be higher,” Lorenzoni told Radio Gaucha.
Workers will be able to make withdrawals between August this year and March next year, Lorenzoni said.
Currently, if an employer fires a worker without just cause, they are liable to pay the individual up to 40% of the total contributions made by the company for that worker to date.

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