Brazil Economy Minister Says Won’t Resign During Pandemic: Globo

(Bloomberg) -- Brazilian Economy Minister Paulo Guedes will not leave his post while the coronavirus pandemic continues, he told O Globo newspaper. Guedes added that Brazil’s economy will grow 3% in 2022, the next electoral year.

Guedes estimated that President Jair Bolsonaro supported about 65% of his liberal agenda, though he said the Brazilian leader was completely on board when he was elected in 2018. Now, he said, that agenda has less political urgency.

Despite losing several team members, Guedes said the economy ministry will aggressively pursue reform measures. He defended the central bank’s autonomy despite questions from the Public Prosecutor’s Office about the law granting the bank autonomy.

Latin America’s largest economy should have a new social agenda, said Guedes, 71, a University of Chicago-trained economist and former investment banker, without saying how to pay for it.

Brazil is wrestling with high debt and deficits. The minister said the new program could pay between 200-300 reais ($37-$55 USD) to those not in college or who have no formal job, the so-called invisible people. In return, they would be trained to enter the labor market, he said.

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