Haddad to Run for Sao Paulo Governor, Challenging Bolsonaro Ally

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Brazil's finance minister Fernando Haddad is set to announce his run for governor of

Sao Paulo on Thursday.

The 63-year-old is a close ally to President Luis Ignacio Lula de Silva and could help

in the country's most popular state during this year's elections.

He plans to step down from the ministry early with his deputy Dario Durigan ready to take

over.

Lula faces a tough re-election path, with recent polls showing him tied against Senator

Flavio Bolsonaro in a possible runoff.

The former president's son is carrying on his father's right-wing legacy after Lula's

narrow win in 2022.

Haddad had initially planned to advise Lula, but now sees a more complicated political picture.

Today at 7pm, local time, Haddad and Lula will speak at a workers' party rally in Sao Paulo.

It's a symbolic spot tied to Lula's roots as a metal worker.

This has already priced in Haddad's exit as expected.

The race looks uphill for Haddad, against popular incumbent governor Tarchicio de Freitas,

a Bolsonaro supporter leading in surveys.

Another loss would add to Haddad's string of defeats, including past mayoral and presidential

bids.

As finance minister, Haddad pushed major tax reforms, simplifying consumption taxes, easing burdens

on low earners, and raising levies on the wealthy, and imports.

These moves aim to boost the economy, but drew criticism for not cutting spending enough.

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