Fernando Haddad, the Minister of Finance under President Lula, is stepping down this week to pursue his candidacy for the governor of São Paulo with the Workers' Party (PT) in the upcoming elections. His tenure lasted over three years, during which he successfully implemented major reforms, including a long-discussed tax reform on consumption that had been under consideration for three decades, and he worked on establishing a fiscal framework aimed at reorganizing Brazil's public accounts.

Under Haddad's management, the Brazilian economy has seen notable improvements, such as GDP growth exceeding expectations, a significant decrease in unemployment rates to record lows, and increased income levels, all occurring despite high interest rates and controlled inflation. These indicators reflect a positive trajectory for the economy, which Haddad contributed to while grappling with the inherent challenges of gaining credibility in the financial market.

Despite achieving some success, Haddad faced challenges in solidifying his trust among investors and within the government. While he initially encountered skepticism, he made strides in earning confidence; however, internal government resistance posed hurdles that limited his ability to implement reforms more broadly. His departure marks a significant transition for the financial sector in Brazil, as it heads into a new electoral phase while navigating the complexities of governance and economic stability.