Brazil's President Jair Bolsonaro on Monday unveiled a new welfare program, called Renta Ciudadana (Citizen Income), to replace the existing Bolsa Familia (Family Purse), a program instituted in 2003.

The new program will be financed by funds earmarked to pay securities for public finances and part of the Fund for the Maintenance and Development of Basic Education and the Assessment of Education Professionals (known by its Portuguese acronym Fundeb).

After meeting with ministers and party leaders, Bolsonaro told reporters funding the program will not affect his government's fiscal targets.

"We seek resources with fiscal responsibility and respect for the law capping spending. We want to show society and investors that Brazil is a trustworthy country," said Bolsonaro.

Senator Marcio Bittar, rapporteur for the proposal to substitute the program, said Brazil has 55 billion reals (about 9.72 billion U.S. dollars) in the budget to pay the securities.

In addition, contributions from the federal, state and local governments, plus the Bolsa Familia budget, "will sponsor the new program," he added.

According to Bittar, Renta Ciudadana will provide 200 to 300 reals a month. Enditem