MercoPress. South Atlantic News Agency

“Stampede” at Brazil's Economy ministry, another top official resigns

Vladimir Kuhl Teles stepped down last week, the Gazette said, adding that Fausto José Vieira, general coordinator of Economic Forecasts, will replace him.

Brazil's Undersecretary for Macroeconomic Policy Vladimir Kuhl Teles has resigned, according to an announcement in the Official Gazette on Monday, the latest in a string of resignations from the economy ministry.

Kuhl stepped down last week, the Gazette said, adding that Fausto José Vieira, general coordinator of Economic Forecasts, will replace him.

This news comes days after Salim Mattar resigned as special secretary for privatization and Paulo Uebel quit as special secretary for deregulation, prompting Economy Minister Paulo Guedes to acknowledge there was a “stampede” out of his team.

The ministry's press office said, however, that Teles stepped down for personal reasons and it had already been agreed in advance that he would leave in August.

July saw the high profile departures of then Treasury Secretary, Mansueto Almeida, and president of Banco do Brasil, Rubem Novaes. Caio Megale, program director of the Special Secretariat of Finance, also left the government.

In May, Marcos Troyjo, then special secretary for Foreign Trade, left his post to take up the presidency of the New Development Bank, set up by the “BRICS” countries Brazil, Russia, India, China and South Africa.