June 15, 2020 / 6:08 PM / 18 days ago

Economist Funchal to become Brazil's next Treasury secretary - ministry

BRASILIA (Reuters) - Bruno Funchal, director of programs at Brazil’s Economy Ministry, will become the next treasury secretary on July 31, the ministry said on Monday.

Funchal will replace Mansueto Almeida who confirmed on Sunday he will step down from the post he has held since April 2018 under previous President Michel Temer’s administration.

The transition period is already underway, the ministry said.

“Since the beginning of the Jair Bolsonaro administration, he has been a member of the Finance Secretariat team as a program director and has worked for the country’s fiscal adjustment,” the ministry said in a statement.

Funchal, a trained economist and economics lecturer, was also finance secretary for the coastal state of Espirito Santo in 2017 and 2018. He helped drive the state’s fiscal adjustment in that period, the ministry said.

The news of Almeida’s departure rattled markets on Monday as investors worried that a country reeling from pandemic and recession was losing a leading advocate for fiscal discipline. Analysts said Funchal is unlikely to deviate from the path set out by Almeida and his team.

Reporting by Marcela Ayres and Jamie McGeever in Brasilia; Editing by Nick Zieminski and Grant McCool

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