Brazilian President Lula, in his first TV address since winning a fourth term on Sunday, pledged to uphold public finances while preserving social programs to reassure investors. He said the trajectory of public debt and high interest rates worry him and reiterated a commitment to fiscal responsibility to ensure social-policy sustainability and spur investment. Lula flagged lowering borrowing costs as a key challenge and said his government would create conditions to reduce rates and lift invest

Brazilian President Lula, in his first TV address since winning a fourth term on Sunday, pledged to uphold public finances while preserving social programs to reassure investors. He said the trajectory of public debt and high interest rates worry him and reiterated a commitment to fiscal responsibility to ensure social-policy sustainability and spur investment. Lula flagged lowering borrowing costs as a key challenge and said his government would create conditions to reduce rates and lift investment above 20% of GDP, but he gave no details on spending cuts, revenue measures or other steps to support public accounts — a central investor concern as he begins a new four-year term.