Brazil’s government on Thursday announced a package of R$83 billion in fresh credit lines to be administered by public sector banks. The credit will be offered for a wide gamut of uses, including business loans, infrastructure projects, farm loans and exports. Some of the credits will be used to attract consumers directly such as mortgages and consumer loans. Recently unemployed workers will be able to use a portion of unemployment insurance fund resources as collateral in obtaining such loans. Finance Minister Nelson Barbosa said the credit package was designed to jump start Brazil’s stalled economy. Most economists are predicting a second year in a row of negative growth in 2016.
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