Economy

Brazilian finance minister to stay until end of Bolsonaro administration, president says

Bolsonaro acknowledged in the video that Guedes is unhappy because of the difficulties experienced in implementing his economic agenda

Photo: REUTERS/Ueslei Marcelino
  • Guedes was in the private sector before joining Bolsonaro and is a cofounder of investment bank BTG Pactual;
  • He advised Bolsonaro on economic matters in his 2018 presidential run and has been finance minister since he assumed the presidency on Jan. 1, 2019.

Brazil president Jair Bolsonaro said in a video published on Saturday that his finance minister Paulo Guedes assured him he will stay in the government until the end of his administration.

Bolsonaro acknowledged in the video that Guedes is unhappy because of the difficulties experienced in implementing his economic agenda, which involve significant cuts in public spending and a tax reform long-awaited in financial circles.

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“It’s logical that we see that once in a while he becomes irritated because certain measures require a (congressional) vote,” Bolsonaro said of Guedes. “I know how parliament works, but he’s still learning.”

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Guedes was in the private sector before joining Bolsonaro and is a cofounder of investment bank BTG Pactual. He advised Bolsonaro on economic matters in his 2018 presidential run and has been finance minister since he assumed the presidency on Jan. 1, 2019 for a four-year term.

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