Brazil's Economy Minister Paulo Guedes has no intention of resigning, two sources from the economic team told Reuters, in an attempt to quash rising speculation that political pressure for more public spending could force him to quit.
FILE PHOTO: Brazil's Economy Minister Paulo Guedes gestures during a news conference in Brasilia, Brazil August 11, 2020. REUTERS/Adriano Machado
Doubts about Guedes’ future have grown since two more of his special secretaries left the ministry last week and local media reported at the weekend that central bank president Roberto Campos Neto is being lined up to replace him. Both sources stated that Guedes’ departure is not being considered internally either at the ministry or the central bank. One of them said that even if Guedes were to leave at the behest of President Jair Bolsonaro, his successor would likely be someone determined to spend, so Campos Neto seems an unlikely candidate.
The second source noted that Guedes is still involved in trying to reduce mandatory expenses and put in place controls against the creation of new expenses.“There has always been this conflict between the areas that want a budget to spend and those that need to control it. In the past, the fight was between Planning and Finance . The focus here is on one point: Economy,” the second source said.
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