Brazil's Lula Announces $2.2 Bln Debt Relief Package for Farmers
Brazilian President Luiz Inacio Lula da Silva announced on Friday a 12 billion reais ($2.21 billion) debt renegotiation package aimed at supporting up to 100,000 agricultural producers, primarily small and medium-sized farmers affected by recent climate events.
The measure comes as Brazil's largest state-run bank, Banco do Brasil, faces record default levels in its agribusiness portfolio, threatening the stability of the country's crucial agricultural sector.
The executive order signed by Lula guarantees 12 billion reais in total relief funding...
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