Brazil’s Guedes says Treasury officials quit over larger welfare program

© Reuters. Brazil’s Financial system Minister Paulo Guedes leaves the Ministry of Financial system building in Brasilia, Brazil October 5, 2021. REUTERS/Adriano Machado/Recordsdata

BRASILIA (Reuters) – Brazilian Financial system Minister Paulo Guedes acknowledged on Friday it became as soon as “unparalleled” for Treasury officials to possess resigned the day sooner than, on condition that they disagreed with a larger welfare program proposed by President Jair Bolsonaro.

Guedes, talking subsequent to Bolsonaro at a data convention, acknowledged the month-to-month stipend of 400 reais ($71) for some 17 million families “would not alter the fiscal fundamentals of Brazil.” Brazil’s forex and shares extended losses on Friday following an exodus of senior Treasury officials led to by Bolsonaro’s plans to spend extra before subsequent year’s election.

($1 = 5.6550 reais)

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