Brazilian President Luiz Inacio Lula da Silva Wednesday signed a law to set up the country's long-awaited sovereign wealth fund.
He also signed a Provisional Measure bill for pouring capital into the fund. The bill will take effect upon the approval of the congress.
The congress voted to establish the fund last week, but the opposition has blocked the approval of a bill designed to provide capital for the fund.
Also on Wednesday, the head of of Lula's Workers Party Ricardo Berzoini criticized the opposition for blocking the operation of the fund.
"There was a lack of seriousness (of the opposition). Now, the government was obliged to worked out a Provisional Measure bill to ensure the resources (of the fund)," said Berzoini.
Earlier this year, Finance Minister Guido Mantega said money for the fund would come from the federal government's primary budget surplus, about 3.8 percent of the GDP.
On Tuesday, secretary of the National Treasury Arno Augustin affirmed that the government would not use the fund to control foreign exchange.
Source:Xinhua
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