Brazil’s Economy Minister to change Treasury head and create special secretariat

RIO DE JANEIRO, BRAZIL – Minister of Economy Paulo Guedes will change the Federal Treasury leadership and create a special secretariat in Economic Studies. The official announcement will be made next week, according to sources.

With the change, Federal Treasury Secretary José Tostes, who will take up a new position at the Organization for Economic Cooperation and Development (OECD), and Productivity Secretary Carlos da Costa, who will hold a post at the Brazilian embassy to the U.S., will leave their offices.

Should these casualties be confirmed, 16 members of the economic cabinet will have left since the beginning of the administration. The move comes 4 days after tax auditors alleged that Tostes has been negligent in issues relevant to the body.

The new special secretariat of Economic Studies, called S3E behind the scenes, will merge the Secretariat of Economic Policy (SPE), the Institute of Applied Economic Research (IPEA), the Brazilian Institute of Geography and Statistics (IBGE) and research areas of the former Ministry of Foreign Trade.

This body will be led by Adolfo Sachsida, the government’s current Secretary for Economic Policy.

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