Brazil’s Guedes says Treasury officials quit over larger welfare program

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 22, 2021

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October 22, 2021

BRASILIA (Reuters) – Brazilian Economy Minister Paulo Guedes said on Friday it was “normal” for Treasury officials to have resigned the day before, given that they disagreed with a larger welfare program proposed by President Jair Bolsonaro.

Guedes, speaking next to Bolsonaro at a news conference, said the monthly stipend of 400 reais ($71) for some 17 million families “does not alter the fiscal fundamentals of Brazil.” Brazil’s currency and stocks extended losses on Friday following an exodus of senior Treasury officials triggered by Bolsonaro’s plans to spend more ahead of next year’s election.

($1 = 5.6550 reais)

(Reporting by Anthony Boadle; Editing by Brad Haynes)

Source Link Brazil’s Guedes says Treasury officials quit over larger welfare program

Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.