Brazil’s Economy Minister goes to the US to convince investors Brazil is “safe haven”

RIO DE JANEIRO, BRAZIL – Pressured by President Jair Bolsonaro (PL) to increase public spending in an election year, the Minister of Economy, Paulo Guedes, started on April 17, a series of appointments in Washington, United States, to sell the idea that Brazil is a “safe haven” to receive investments.

Guedes will attend meetings of finance ministers at the G20, the International Monetary Fund (IMF), and the World Bank until April 23. In addition, he must reconcile his schedule to meet with private investors, bankers, and entrepreneurs.

“Brazil will be there positioning itself as a solution. The minister assured Brazil is a safe harbor. We have done our homework with domestic reforms, making Brazil more resilient to the most adverse and turbulent situations,” said a member of the economic team.

At the G20, the risks to the global economy will be the main topic of discussion among the ministers. The economic effects of the Ukraine war, the Covid-19 pandemic, and the disruption of global chains will be under discussion.

The representatives of the world’s largest economies will also discuss countries’ energy and food security, the debt crisis, and nations’ lack of resources for identifying, facing, and treating potential future pandemics.

The creation of a fund to support countries in vulnerable situations will be debated at the IMF. The member countries of the international organization have recently added additional resources, and how to use this money to help the poorest nations will be under discussion.

Sustainable finance will also be debated at the IMF. Guedes will take the opportunity to present the programs launched by Brazil to boost sustainable growth. The minister wants to change the perception of foreigners regarding the country’s commitment to environmental preservation.

The digitalization process of the countries will be the central debate of the World Bank, and Guedes will present Brazil’s advances in the area. The differences between developed and developing economies in advancing this agenda will also be discussed.

Guedes and the members of his entourage are also expected to speak out in favor of keeping Russia as a member of the G20, the IMF, and the World Bank. “We will take advantage of the meetings in all forums to convey the message that breaking the channels of communication is not the best strategy to seek solutions to problems,” said another member of the economic team.

With information from Estadão