 From October 1992 to May 1993, he served as Minister of Foreign Affairs under President Itamar Franco (PMDB).From May 1993 to April 1994, he was Minister of Finance and resigned in April 1994 to launch a presidential campaign.In the October 3 election, he won the presidency in the first round of voting with 54% of the vote, more than twice that of his nearest opponent, Luiz Inácio Lula da Silva.