Rousseff’s ex-minister to be BNDES head under Bolsonaro

Economist Joaquim Levy on Tuesday (Nov. 12) accepted the invitation to become president of Brazil’s National Economic and Social Development Bank (BNDES). He was invited by the team of Paulo Guedes, confirmed to lead the Super-Ministry of the Economy. The information was corroborated by his press advisers.

Experienced in public administration, Levy was finance minister from January to December 2015 under Dilma Rousseff’s second tenure, and pledged to curb public spending through fiscal adjustment moves.

Last week, Bolsonaro stated he plans to “open the black box” of BNDES, referring to negotiated loans by the development bank under previous administrations. "Society has the right to know how public money is used,” he argued.

Joaquim Levy was finance minister from January to December 2015 under Dilma Rousseff’s second tenure - Marcelo Camargo/Agência Brasil

Background

An engineer by education, Levy holds a PhD in economy from the University of Chicago, also attended by Guedes. He also served as national treasury secretary from 2003 to 2006 during the first tenure of former President Luiz Inácio Lula da Silva.

From 2010 to 2014, Levy was the director of Brazilian private bank Bradesco. To take the job with BNDES, Levy will leave his current post with the financial board of the World Bank.

Ilan Goldfjan, the current president of the Central Bank, was also urged to retain his position in the upcoming administration, but has made no statements on the matter yet. Guedes is also working to have the bill on the Central Bank’s autonomy approved as quickly as possible.

Ministers

President-Elect Jair Bolsonaro is landing in Brasília Tuesday (13) for more government transition engagements, with more appointments expected to be unveiled.

Among the week’s priorities is the announcement of the approach to be adopted for the country’s pension reform as well as the names to lead the ministries of Environment, Defense, Health, and Foreign Relations.