Brazil’s Guedes says he has the trust of President Bolsonaro

Economy Minister Paulo Guedes said on Monday he has the full coincidence of President Jair Bolsonaro, but admitted that his job is difficult. Two sources close to Guedes told Reuters he has no intention of resigning, an attempt to quash rising speculation that political pressure for more public spending could force him to quit. “The president trusts me, and I trust him,” he told reporters in Brasilia when asked about his future. “I have seen nothing to suggest that I should not trust the president, and I think, equally, I have never lacked the confidence he has placed in me,” he added. Doubts about Guedes’ future have grown since two more of his special secretaries left the ministry last week and local media reported at the weekend that central bank president Roberto Campos Neto is being lined up to replace him. Speculation surrounding his future unnerved Brazilian markets on Monday, helping to send stocks and the currency lower, and push up longer term interest rates, analysts said. Asked if he felt comfortable in the job, Guedes it would be rare to find someone in his position always at ease. “It is a difficult job,” he said.

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