Business

Why the exit of Brazil’s Treasury Secretary is so important

With one of the biggest proponents of fiscal austerity departing, how will this affect Brazil's economic program?

Treasury Secretary Mansueto Almeida
Treasury Secretary Mansueto Almeida will leave the government. Photo: Marcelo Camargo/ABr

Jair Bolsonaro’s economic team was one of the main arguments for business elites to support the former army captain in the 2018 election, despite the lead candidate’s extremism and anti-libertarian past. But next month, the group once dubbed the “dream team” will lose one of its brightest stars, Treasury Secretary Mansueto Almeida — who announced his departure from the government on Sunday. In a crucial moment for the economy, the secretary said he is sure his pro-austerity platform will be carried on by his successor.

Initially named to head the Treasury Department by former President Michel Temer back in...

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