Brazil is facing the prospect of going bankrupt this year after the state government is expected to spend an extra $5 billion on a new industrial painting service to help it save money and reduce unemployment.
The service, which would be launched by 2020, is aimed at businesses that are unable to hire new workers because they have been laid off or due to retire, the government said in a statement.
Backed by the state’s central bank and the National Bank of Brazil, the service would be administered by the National Painting Service.
In a separate statement, the company said it will provide services to “many businesses and communities” with “special needs,” including those in industrial painting, architecture and architecture, agriculture and agriculture management, public administration, and agriculture marketing.
The government will spend $1.2 billion on the service, the painting service said.