Brazil Finance Minister Haddad Resigns for Sao Paulo Governor Run

Brazil's Finance Minister Fernando Haddad resigned Friday to pursue a candidacy for governor of São Paulo state, handing over the economic portfolio to his deputy, Dario Durigan, as the country approaches its October presidential election.

Haddad, who has served in the role since President Luiz Inácio Lula da Silva took office in 2023, announced his decision Thursday during an event in São Bernardo do Campo, a working-class suburb of São Paulo. He will challenge incumbent Governor Tarcísio de Freitas, who leads in recent polls with 44 percent support to Haddad's 31 percent in a first-round simulation, and 52 percent to 37 percent in a potential runoff. The resignation was formalized in Brazil's official gazette, with Durigan sworn in the same day.

Durigan, a 41-year-old career bureaucrat and former executive secretary at the Finance Ministry, told journalists in Brasília that he aims to maintain continuity in economic policies. His priorities include improving public finance efficiency, enhancing the credit system, and increasing Brazil's presence in international debt markets, potentially through sovereign bond issuances in Europe later this year. Sources familiar with the...