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Guedes backs gov’t proposals for economic rebound

Brazil’s economy minister urges patience for overhauls to take effect

Published in 12/08/2019 - 14:59

By Felipe Pontes Brasília

Brazil’s Economy Minister Paulo Guedes today (Aug 12) once again argued for the economic liberalization policies and urged patience for reforms to show results in bringing the country back on track.

“Give liberal democracy the chance of a four-year administration. Don’t work against Brazil, have some patience,” Guedes said during a seminar on the provisional injunction for economic liberalization of the Superior Court of Justice, held in Brasília.

A significant portion of Guedes’s speech was dedicated to the defense of liberal policies against what he termed “cognitive delay,” which he claimed plunged Brazil’s previously dynamic economy into stagnation. “Let’s wait four years and see if it gets better a bit, give us a chance to do our job too,” he asked.

Economic Liberalization

The minister named three key points in the injunction: slashing red-tape for entrepreneurs, curbing “abusive acts by the state” in its efforts to interfere with the economic environment, and ensuring the legal security of contracts.

MP 811, as the motion is referred to, is slated to be brought to the lower house floor for vote on Tuesday (13) after receiving 301 amendments—of which 126 were granted partly or in full by Congress member Jerônimo Goergen, rapporteur for the case. Should it fail to be voted on by both houses of Congress until September 10, the injunction becomes ineffective.

Preliminary injunctions are a prerogative of the Executive branch, have the validity of a law, and come into force as soon as they are enacted. However, they are effective for a given period of time and must be approved by Congress.

Translation: Fabrício Ferreira Edition: Juliana Andrade / Nira Foster

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