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Brazil allows withdrawal from social programme in $5 billion boost to economy
September 28, 2017 / 7:55 PM / 25 days ago

Brazil allows withdrawal from social programme in $5 billion boost to economy

BRASILIA (Reuters) - Brazil’s President Michel Temer announced on Thursday that his government will allow early withdrawal by workers of their funds in the PIS/PASEP social program that will inject 15.9 billion reais (3.72 billion pounds) into an economy barely pulling out of recession.

Brazil's President Michel Temer speaks during press statement at the Planalto Palace in Brasilia, Brazil, September 28, 2017. REUTERS/Ueslei Marcelino

“This is another measure aimed at stimulating economic growth and the creation of new jobs,” Temer said. Earlier this year the government allowed the withdrawal from the FGTS workers’ severance fund, which freed up 44 billion reais that has boosted consumer spending.

Reporting by Anthony Boadle; editing by Diane Craft

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