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Brazilian Finance Minister Fernando Haddad confirmed on Thursday that he will not run for public office next year, putting an end to months of speculation surrounding his political future. Speaking at a press conference, Haddad said President Luiz Inacio Lula da Silva has agreed to respect his decision, reinforcing the minister’s current focus on supporting the president rather than pursuing an electoral role in 2025.
Haddad also revealed that he may step down from his position as finance minister in the coming months, explaining that his intention to actively participate in Lula’s 2026 presidential campaign would be incompatible with remaining in charge of Brazil’s economic policy. Lula is widely expected to seek a fourth, non-consecutive term, and Haddad said he wants to contribute fully to that effort.
“I expressed my desire to collaborate with President Lula’s campaign, which is incompatible with the position of finance minister,” Haddad told reporters. According to him, February would be an appropriate time for a successor to take over the finance ministry, allowing for an orderly transition and continuity in Brazil’s fiscal and economic agenda.
The announcement comes after intense speculation in Brazilian media and political circles about whether Haddad might run for office next year. A former mayor of São Paulo and a past candidate for São Paulo state governor, Haddad has long been viewed as a key political figure within the Workers’ Party and a potential contender for various elected positions.
Earlier on Thursday, President Lula said he would welcome seeing Haddad run for office if he chose to do so, praising the finance minister’s political trajectory and experience. Lula remarked that Haddad has “a biography to decide what he wants to do,” highlighting the trust and respect between the two leaders.
Under Brazilian electoral law, Haddad would be required to leave his ministerial post by April if he were to change his mind and enter a race next year. For now, however, Haddad’s statement suggests a clear intention to remain out of the 2025 elections and focus on supporting Lula’s long-term political strategy, while preparing the ground for a potential transition at Brazil’s finance ministry.
