Lula Government Will Resume PAC in 2023 for R$ 40 Billion in Infrastructure Investments in Brazil

Written by Ruth Rodrigues

Published on 22/11/2022 at 11:37

Foto: José Cruz, ABr

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Famous Project of the 2000s, the PAC Will Return to the Lula Government Throughout 2023 with Investments of R$ 40 Billion. The Spending Cap Will Be Applied to the Development of Infrastructure Works and Completion of Unfinished Projects in Brazil.

The transition team of the current government of President Jair Bolsonaro for Lula’s return in 2023 intends to make significant changes throughout the next year. Among them is the resumption of the Growth Acceleration Program (PAC), created by Lula in 2007. Although still directed toward infrastructure works in Brazil, the program will have more modest investments next year, around R$ 40 billion.

PAC Will Return More Modestly and with Less Spending Cap for Investments in Infrastructure Works, Says Lula’s Transition Government Team

During the initial months of the transition from the current government to the management of elected President Lula, the team of the head of state is looking to attract investments for improvements in Brazil.

Among them is the return of the investment project in infrastructure works created in 2007, the PAC. This is a program that worked very well in the 2000s and contributed to the generation of thousands of job opportunities.

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However, in 2023 it will return with a lower spending cap for the application of infrastructure works.

The initiative is set to start with R$ 40 billion in public resources, in addition to private contributions to projects and concessions, being much more modest than in 2007, which planned R$ 67 billion in public investments, around R$ 165 billion today.

Thus, the low amount for investments in the PAC proves the complicated and limited budget that the Lula government will have to allocate for improvements in Brazil in 2023.

In the plans of the elected president’s team, part of the resources will come from the so-called “proposed amendment to the Constitution (PEC) of the Transition,” which aims to create room in the 2023 Budget to fulfill campaign promises.

With the revocation that will be carried out by Lula during the first weeks of his government, he aims to increase the spending cap by R$ 20 billion for the year 2023, unlike the R$ 22 billion from the Bolsonaro government.

However, he intends to increase investments in public infrastructure works and reach the mark of R$ 100 billion attracted by the end of 2023.

New PAC Will Focus on Investments in the Completion of Ongoing Infrastructure Works, Unlike the 2007 Proposal, Confirms Lula

The new PAC led by Lula in 2023 will enter the national market with a new focus on infrastructure works.

While in 2007 the president was working to create new projects, such as high-speed trains and hydroelectric plants across Brazil, in 2023 he will focus on the completion of ongoing infrastructure works.

The Federal Court of Accounts (TCU) identified more than 14,000 stalled contracts, which have already received a total of R$ 10 billion.

In addition, the list of projects to be supported next year will also include private businesses to attract more investments to public initiatives.

The final decision has not yet been made regarding the program’s slogan, but it is a trend within the team that the PAC brand, which lasted for 13 years, should be maintained.

The main focus on the works of stalled programs will be the houses of Minha Casa Minha Vida, which should return in full swing in 2023.

Lula Government Will Resume PAC in 2023 for R$ 40 Billion in Infrastructure Investments in Brazil

Famous Project of the 2000s, the PAC Will Return to the Lula Government Throughout 2023 with Investments of R$ 40 Billion. The Spending Cap Will Be Applied to the Development of Infrastructure Works and Completion of Unfinished Projects in Brazil.

PAC Will Return More Modestly and with Less Spending Cap for Investments in Infrastructure Works, Says Lula’s Transition Government Team

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

New PAC Will Focus on Investments in the Completion of Ongoing Infrastructure Works, Unlike the 2007 Proposal, Confirms Lula

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Lula Government Will Resume PAC in 2023 for R$ 40 Billion in Infrastructure Investments in Brazil

Famous Project of the 2000s, the PAC Will Return to the Lula Government Throughout 2023 with Investments of R$ 40 Billion. The Spending Cap Will Be Applied to the Development of Infrastructure Works and Completion of Unfinished Projects in Brazil.

PAC Will Return More Modestly and with Less Spending Cap for Investments in Infrastructure Works, Says Lula’s Transition Government Team

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

New PAC Will Focus on Investments in the Completion of Ongoing Infrastructure Works, Unlike the 2007 Proposal, Confirms Lula

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Where there was only sand and wind at 40 degrees, China built a megacity of 500,000 inhabitants with farms, wineries, and universities in the middle of the desert using melted glacier water from hundreds of kilometers away.

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