Brazil's economic team is fully behind Economy Minister Paulo Guedes and his vision for the country, a senior ministry official said on Wednesday, insisting that reducing red tape and the cost of doing business in Brazil will be crucial to kickstarting the recovery.
FILE PHOTO: Brazil's Economy Minister Paulo Guedes wears a protective mask during a news conference after a meeting with President of Brazil's Supreme Federal Court Dias Toffoli, amid the coronavirus disease outbreak, at the Supreme Federal Court in Brasilia, Brazil May 7, 2020. REUTERS/Adriano Machado
Guedes’ position and influence as President Jair Bolsonaro’s remaining ‘super minister’ has come under scrutiny, with his intense pro-market approach to the economy seemingly at odds with some in Bolsonaro’s cabinet who favor a stronger government role in steering the recovery. “I don’t have a crystal ball, and only God knows the future, but President Bolsonaro has given his unequivocal support to Paulo Guedes,” he said.
Da Costa also said that getting credit to small businesses is a government priority, and a decree with measures to achieve that, such as using the BNDES national development bank’s ‘FGI’ guarantee fund, will be issued by the end of next week.
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