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Brazil's presidential candidates detail economic policy proposals

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Brazil's presidential candidates detail economic policy proposals

Brazilian presidency contenders Jair Bolsonaro and Fernando Haddad detailed some of what his administration's economic policy would look like should he triumph in the second and final electoral round to be held Oct. 28.

Front-runner candidate Bolsonaro, who secured 46.03% of the votes in the first poll and holds a considerable advantage for the run-off, confirmed that economist Paulo Guedes would be appointed minister of finance in a meeting with journalists, Reuters reported.

Admittedly inexperienced in economic affairs, Bolsonaro reportedly said that Guedes would oversee a "super ministry" composed of the finance, planning and development areas.

He also revealed that retired army General Augusto Pereira would become his defense minister, while congressman Onyx Lorenzoni would be chief of staff.

On Oct. 9, local media had reported that Bolsonaro could tap Roberto Campos Neto, board member at Banco Santander (Brasil) SA, to head Banco Central do Brasil, should current governor Ilan Goldfajn decide to leave.

Meanwhile, Brazil's leftist presidential candidate Fernando Haddad promised in a radio interview to send banking and tax reform bills to Congress if elected, the news agency reported.

Among the proposals, Haddad intends to increase taxation of those who earn between 38,200 reais and 57,200 reais per month, which would generate additional tax revenue of 80 billion reais, according to Folha de S. Paulo.

Also, the Workers' Party candidate also reportedly said he plans to use 10% of Brazil foreign currency reserves, approximately $28 billion as of Oct.10, to finance wind and solar energy projects in the northeast.

As of Oct. 11, latest polls by Datafolha suggest Bolsonaro holds a strong lead for the run-off, polling at 58% versus 42% for Haddad.

As of Oct. 11, US$ 1 was equivalent to 3.76 Brazilian reais.