SÃO PAULO—Brazilian Economy Minister Paulo Guedes, who only two years ago promised to lead a free-market revolution in Latin America’s biggest country, has increasingly found himself relegated to damage control as President Jair Bolsonaro deepens the state’s role in the economy.
Mr. Guedes’s mission of lowering public debt and building investor confidence in Brazil took a hit after the country’s right-wing leader on Friday nominated a new chief of state oil company Petróleo Brasileiro S.A, or Petrobras, spurring investor flight this week from the country’s equities and currency.
With his focus on reelection next year, Mr. Bolsonaro, a former army captain who has publicly said he knew nothing about economics,Petrobras said Tuesday it would schedule“It’s now clear that the president himself does not have a commitment to a liberal economic agenda as people once thought, even though his finance minister does,” said Bernard Appy, a former economic secretary at the ministry.
Don’t say this BS! The government did the natural gas law last year, concessions of more than 30 ports and airports, new paths to railway. This week an act to privatize the state power company (Eletrobras ELET3), and yesterday the same for Postal Service (Correios).
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