Brazil’s Guedes Says Bolsonaro Backs Reforms Despite Delays

(Bloomberg) -- President Jair Bolsonaro still backs Brazil's pro-market policies, Economy Minister Paulo Guedes said in an interview with O Globo newspaper published on Sunday. That's despite some delays to their implementation due to political timing amid social protests in the region.

“We were on a path to reform, and suddenly the confusion in Latin America begun,” Guedes said, according to the Rio de Janeiro-based newspaper. “Mess, disorder, then the political timing begins to change.”

The delays don't mean reforms to South America's largest economy are paralyzed, Guedes said. Among the privatization efforts reforms still to come are one that may generate 250 billion real ($59 billion) for the state, he said. Guedes declined to elaborate further.

Among the reforms to be implemented soon, Guedes said a major sanitation bill is on track for approval at Congress. According to him, once passed it will attract “hundred of millions” in foreign investment to provide service contracts.

“As an economist I would accelerate the reform agenda,” Guedes said. “But the politic process should also be considered.”

To contact the reporter on this story: Pablo Gonzalez in Sao Paulo at pgonzalez49@bloomberg.net

To contact the editors responsible for this story: Nikolaj Gammeltoft at ngammeltoft@bloomberg.net, Ros Krasny, Matthew G. Miller

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