Fernando Henrique Cardoso

Fernando Henrique Cardoso was appointed Minister of Finance by President Itamar Franco in May 1993. He was tasked with stabilizing Brazil's economy, which was suffering from hyperinflation.

Cardoso led the implementation of the Plano Real (Real Plan) in 1994, a comprehensive economic stabilization program. It introduced a new currency, the real, and successfully ended hyperinflation, bringing price stability to Brazil.

Cardoso was elected president of Brazil in 1994 as the candidate of the Brazilian Social Democracy Party (PSDB). He assumed office on January 1, 1995, with a mandate to continue economic reforms.

Cardoso's government privatized several state-owned enterprises, including the mining company Vale do Rio Doce and the telecommunications system Telebr

Cardoso created the Bolsa Escola (School Grant) program in 1995, a conditional cash transfer that provided payments to poor families in exchange for keeping their children in school. This program later evolved into Bolsa Fam

Cardoso was re-elected president in 1998, winning in the first round. His second term focused on fiscal austerity, privatization, and social programs, though economic growth remained modest.