Brazilian economy minister Paulo Guedes underlined on Wednesday that the announced privatization plan of the government (some 100 companies) must include oil giant Petrobras because the “future is green” and in not so many years time the value of crude will be zero.
In a move aimed at curbing inflation, Brazil Friday announced a 10% reduction of import tariffs on 87% of goods and services until December 31, 2022. Economy Minister Paulo Guedes now expects the other Mercosur countries to do the same.
Brazil's President Jair Bolsonaro Friday insisted he would not take any adventurous steps as he expressed his full support for Economy Minister Paulo Guedes amidst a rocking financial market.
Brazilian orthodox Economy minister Paulo Guedes has not resigned and has no intention of resigning despite the fact he will have to live with the exceptional expenditure of some 45bn Reais, as part of the Auxilio Brazil support program for vulnerable families and president Jair Bolsonaro's 2022 reelection plan.
Economy Minister Paulo Guedes' announcements Thursday shook Brazilian markets after the official admitted he might not meet the public spending ceiling.
Contrary to optimism in world markets, shares in Brazil dropped 3,28% on average following news of a new Brazil Auxilio program intended to give monetary support to some 17 million families described as vulnerable or suffering the consequences of Covid-19. But to achieve this the budget cap on expenditure must be violated or hidden behind some accounting cosmetics.
Brazil's President Jair Bolsonaro Thursday hinted he might put the national oil company Petrobras up for sale after being criticized for an increase in the price of fuel. During the 2018 presidential campaign, the retired Army Captain said he would only privatize it if there was no other solution.
Brazil's orthodox Economy minister Paulo Guedes anticipated that the multilateral institutions such as the IMF, once again are going to err their forecasts on the Brazilian economy growth. The comment follows on the IMF release stating that the Brazilian economy is estimated to grow 5,2% this year and 1,5% in 2022, below the government's forecasts.
Argentine Foreign Minister Santiago Cafiero, Ambassador Daniel Scioli and Productive Development Minister Matías Kulfas Saturday met in Brasilia with Brazilian Economy Minister Paulo Guedes to deepen the new economic ties between the two countries
Brazil's Economy Minister Paulo Guedes, one of the world leaders mentioned by name in the so-called Pandora Papers report released by the International Consortium of Investigative Journalists (ICIJ) admitted he had placed some of his money in offshore accounts, but “always within the law.”