Haddad makes a minister’s speech, but does not answer the market’s doubts about the fiscal regime

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Fernando Haddad (PT) made a speech for the future Minister of Finance this Thursday (25) at the luncheon of the Federation of Banks of Brazil (Febraban).

“My life changed a lot from Tuesday to yesterday, now I speak on behalf of President Lula”, he said, explaining why he was there.

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He promised tax reform in 2023, starting with consumption taxes. And it was specific: PEC 45, which unifies the ICMS. He also said he will review public spending, without giving details.

But he didn’t say a word about the main topic today: the PEC of the Explosion, which provides for the withdrawal of almost R$ 200 million from the spending ceiling. Haddad only said that “what doesn’t work is for Brazil to grow by 0.5% because social tensions are getting worse” and presented Lula as someone who listens to society.

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He even mocked and called the pre-election package approved by Congress to try to boost Jair Bolsonaro’s candidacy as the PEC of the Explosion or PEC Kamikaze. “I don’t know what you in the market call it, but that was uneducating.”

Result: Asset prices worsened.

The Ibovespa fell 2.08% and the dollar rose 1.49% to R$5.39. His speech had positive signals, but if the objective was to convince the market that he can occupy the position, it was not successful.

Source: CNN Brasil

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