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Brazil's Lula says to work for economic stability

FILE PHOTO: Brazil's President Luiz Inacio Lula da Silva holds a joint news conference with German Chancellor Olaf Scholz at the Planalto Palace, in Brasilia, Brazil January 30, 2023. REUTERS/Ueslei Marcelino

Brazilian President Luiz Inacio Lula da Silva said on Tuesday he strongly supports "economic stability" and wishes for both fiscal and social responsibility during his term, while also pledging to work towards clean energy alternatives.

Investors fear Brazil may face a spending wave under the leftist leader, with his economic team currently working on a new fiscal framework to replace the constitutional spending cap.

(Reporting by Lisandra Paraguassu)

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