Brazilian President Luiz Inacio Lula da Silva said public debt would not be a concern even if he wins re-election in October, arguing that Brazil’s fiscal position has improved since he took office in 2023 and that the country is on track for a primary budget surplus this year. In an interview with TV Globo’s Jornal Nacional, Lula said economic growth could reduce the debt-to-GDP ratio. Central Bank of Brazil data showed total debt had risen by more than 10 percentage points since the start of his term to 81.9% of GDP in June, with Lula citing the 14% policy interest rate as one contributor. He also defended his eldest son, Fabio Luis Lula da Silva, in an investigation involving alleged improper facilitation of deals between lobbyists and Brazil’s Ministry of Health, while saying anyone found guilty would face the law. Lula’s fiscal stance has periodically unsettled markets, and his criticism of high rates and support for cuts could be viewed as pressure on the central bank. Polls currently give him an advantage, but the investigation could affect the election campaign.