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Brazil’s Finance Minister Haddad Says He Will Step Down This Month

He names Dario Durigan as his preferred replacement pending President Lula’s decision.

Overview

  • He will discuss the exact departure date with President Lula and says the successor should start immediately to handle the 2026 budget and fiscal work.
  • He highlights a roughly 70% reduction in the primary deficit compared with the 1.58% of GDP level he says he inherited.
  • He argues the rise in public debt stems from high interest rates rather than current fiscal imbalance and says he expects cautious rate cuts to begin soon.
  • He calls the Banco Master fallout a potential record banking fraud with ramifications for the FGC, Caixa, Banco do Brasil and the CVM, and says he reported alleged pressures to the Prosecutor-General.
  • He states he will not run for office in 2026 and intends to assist President Lula’s re-election effort, focusing on program development.