Lula invites business leaders and bankers to dinner after Flávio meets market executives

Luiz Inácio Lula da Silva is turning to bankers and business leaders as he tries to reassure sectors that have traditionally kept their distance from Brazil’s Workers’ Party. The president invited executives to dinner in Brasília on Monday, four days after Flávio Bolsonaro presented his government plan to financial-market representatives in São Paulo.

The guest list included Rubens Ometto of Cosan, Joesley and Wesley Batista of J&F, José Seripieri Filho of Amil and Luiz Carlos Trabuco, chairman of Bradesco’s board. Invitations also went to Milton Maluhy of Itaú and André Esteves of BTG, both of whom met Flávio in São Paulo.

Lula’s outreach comes as business and financial groups remain cautious about his possible re-election, while also expressing doubts about Flávio. Finance Minister Dario Durigan has acted as Lula’s main voice in discussions with the financial sector, attending meetings aimed at easing concerns linked to comments by former Petrobras president José Sérgio Gabrielli, who coordinates Lula’s program for a fourth term.

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I inherited this government in January 2023 with a fiscal deficit of 2.8%. Do you know what this year's primary surplus will be? 0.1%.

Durigan has insisted that a new Lula administration would maintain its commitment to fiscal adjustment. Gabrielli’s remarks about changing policy to increase investment and social spending had unsettled markets. Lula’s platform later said a re-elected government would retain the fiscal framework, although it did not specify targets.

Lula also sought to defend his record during a TV Globo interview. Asked whether he was concerned about rising public debt, he said no and cited the shift from a 2.8% fiscal deficit in January 2023 to an expected primary surplus of 0.1% this year. "If there is someone in this country with fiscal responsibility, it is me," Lula said.

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If there is someone in this country with fiscal responsibility, it is me.