Brazilian President Luiz Inácio Lula da Silva on Friday unveiled a plan to spend 1 trillion reais (nearly $200 billion) on infrastructure, energy and transportation over the next four years, part of a larger effort to boost economic growth and employment in Latin America’s largest nation.
The Growth Acceleration Program, known under its Portuguese acronym PAC, has been met with skepticism from analysts and investors, who say previous, similarly ambitious programs have included projects that never saw the light of day and opened the door to vast corruption schemes.
