June 15, 2020 / 6:17 PM / 21 days ago

Bruno Funchal set to be named Brazil's next Treasury secretary, sources say

BRASILIA (Reuters) - Bruno Funchal, an official at Brazil’s Economy Ministry, is set to be named the country’s next treasury secretary, two sources with knowledge of the matter said on Monday.

Funchal will replace Mansueto Almeida who confirmed on Sunday he will step down in August. The news rattled markets as investors worried that a country reeling from pandemic and recession was losing a leading advocate for fiscal discipline.

TV channel CNN Brasil and newspaper O Estado de S. Paulo reported earlier that Funchal would replace Almeida.

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

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