The Economy Ministry announced the replacements of former Treasury and Budget Secretary Bruno Funchal and Treasury Secretary Jefferson Bittencourt. They resigned last week, alongside their deputies, in protest against the government’s decision to breach Brazil’s federal spending cap.
Former Planning Minister Esteves Colnago is the new Treasury and Budget Secretary. He was already a part of the government’s economic team, working as a special advisor on institutional affairs and liaison with Congress. Paulo Valle, who is currently a Deputy Private Pensions Secretary at the Labor Ministry, will step in as the Treasury Secretary.
Since the beginning of Paulo Guedes’ stint as Economy Minister, he has already lost 19 lieutenants — most of whom resigned out of frustration with the government’s lack of commitment to a pro-market agenda.
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