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Brazil’s New Finance Chief Vows to Balance Budget With Social Responsibility

  • Incoming finance minister’s plans face market skepticism
  • Government revenue for 2023 seems underestimated, he says
Fernando Haddad
Fernando HaddadPhotographer: Andressa Anholete/Bloomberg

Brazil’s incoming Finance Minister Fernando Haddad vowed to quickly present a plan to ensure the sustainability of public debt despite having no intention of cutting spending in the first year of government.

Without giving details about the proposal that is expected to replace Brazil’s current fiscal anchor, Haddad said on Tuesday that President-elect Luiz Inacio Lula da Silva gave him the mission to balance government finances while also paying attention to the needs of the most vulnerable Brazilians.