São Paulo – The challenges for the Brazilian economy, such as controlling inflation, were the main topic of the participation of Brazil’s Minister of Finance, Fernando Haddad, at the AlUla Conference for Emerging Market Economies in Saudi Arabia on Monday (17). However, the minister also addressed other topics such as investments, trade, and cooperation in sideline meetings held during his visit to the Arab country.
On Sunday (16), Haddad met with Saudi Arabia’s Minister of Investment, Khalid Al-Falih. “We discussed ways to further develop investment relations between our two countries and explored prospects for cooperation in sectors of common interest,” the Saudi minister posted on the ministry’s social media.
Referring to his meeting with Al-Falih and with Qatar’s Minister of Finance, Ali bin Ahmed Al Kuwari, both of which took place on the same day but at different times, the Brazilian minister said it was a day of agendas aimed at enhancing bilateral relations. “Strategic partnerships and investments in Ecological Transformation,” Haddad explained on his social media.
On Monday (17), Haddad also had a side meeting in Saudi Arabia with the Saudi Ministers of Economy and Planning, Faisal Alibrahim, and Finance, Mohammed Al-Jadaan. On the same day he participated in the conference, he referred to the agenda as focusing on strengthening strategic partnerships for financial stability and sustainable development at both regional and global levels.
The Saudi Ministry of Economy and Planning reported that the topic of Alibrahim’s meeting with Haddad was ways to enhance economic cooperation between the two countries through investment opportunities and trade exchanges, as well as other matters of common interest.
In his speech at the AlUla Conference for Emerging Market Economies held by the International Monetary Fund (IMF) and the Saudi Ministry of Finance in the city of AlUla on February 16 and 17, Minister Haddad said that Brazil’s inflation, around 4% to 5%, is relatively within normal levels and that the country has left behind a period when inflation was in double digits. He mentioned that exchange rates and the appreciation of the dollar have put pressure on inflation.
Brazil at the G20
The minister emphasized Brazil’s 3.5% economic growth in 2024, which contradicts both international and national forecasts. “Brazil has been working to find a path of balance and sustainability, even during a phase of important adjustments,” he said. Haddad also talked about Brazil’s presidency in the G20, saying the country has advocated for a sustainable reglobalization, not only focused on the market but also on combating regional inequalities and the distribution of economic opportunities.
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Translated by Guilherme Miranda
