The appointment of Fernando Haddad to the Ministry of Finance indicates the intention of the elected government of Luiz Inácio Lula da Silva (PT) to reconcile fiscal responsibility with social responsibility, in the opinion of Luiz Carlos Trabuco, chairman of Bradesco’s board of directors.
In a note, Trabuco stated that the appointment of the former mayor shows “the intention to mediate the natural conflicts that exist in the economic management of a complex country like Brazil through pragmatism”.
“It was for no other reason that Haddad prioritized tax reform and the challenges of economic growth. It signals a profile of someone who looks for a balance between urgent social demands and the necessary fiscal responsibility.”
Statements about the lack of opposition between social and fiscal echo recent speeches by top executives in the financial sector.
“We say a lot that the social and the fiscal have to go hand in hand, because if you don’t have sustainable growth, you don’t solve the social in the long term, and if you have a relevant fiscal issue, it ends up having a very big impact in inflation, which consequently affects, above all, the population with lower income”, said Milton Maluhy Filho, president of Itaú Unibanco, during a virtual event promoted on December 1st by Itaúsa.
Haddad’s name was already seen as the favorite for the Treasury over the last few weeks, with the former mayor having participated in the end of November lunch at the end of the year at Febraban (Brazilian Federation of Banks) representing the elected president.
Alongside presidents of major Brazilian banks, the former Minister of Education heard requests for care with public accounts and more economic predictability.
“Regardless of the government that leaves and the new one that will arrive soon, our obsession will be to persevere in the direction of banks working as a lever for sustainable growth. The sector’s agenda is not linked to the ideologies of our rulers; governance of the country”, said the president of Febraban, Isaac Sidney, at the time.
Trabuco, from Bradesco, also said in the note released this Friday that the first names announced by the president-elect occupy strategic positions for the success of his government – Treasury, Justice, Defense, Civil House and Foreign Affairs. “As a common characteristic, they are men of dialogue”, pointed out Trabuco, who wished success to the chosen ones.
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