In a bid to alleviate household debt, Brazil will unveil the ‘Novo Desenrola Brasil’ program, President Luiz Inacio Lula da Silva announced in a national address.
The initiative aims to offer reduced interest rates, capped at 1.99%, and substantial discounts on outstanding debts, which could range from 30% to 90%.
Participants can tap into their FGTS funds for payments and must forgo online betting for a year, an activity cited as escalating debt issues in the country.
(With inputs from agencies.)