Power

Brazil has billions in public funds, but can’t use it against the coronavirus

The country has hundreds of public funds which largely lie unused. Meanwhile, the country needs money to fight the coronavirus pandemic

Brazil has billions in public funds, but can't use it against the coronavirus
Image: Salomé Gloanec/TBR

President Jair Bolsonaro recently sanctioned a law to scrap a BRL 8.6 billion public fund used to contain the weakening of the Brazilian currency and pay the public debt. Now, this money goes straight to the Treasury Department and cannot be used to fight the Covid-19 pandemic. While this decision was widely criticized, the president’s hands were tied, as Brazilian legislation prohibited him from using the fund for anything else other than taming the rise of the U.S. Dollar or paying off public debt. According to the Economy Ministry, Brazil has 281 of these public funds that...

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