Galípolo accepts Haddad’s invitation to become the Treasury’s executive secretary

The future Minister of Finance, Fernando Haddad, invited former banker Gabriel Galípolo, 40, to be the portfolio’s executive secretary. According to people close to the former mayor, Galípolo accepted.

Normally, the executive secretary is someone with experience in the machine, precisely so that he does not have to learn the functions of the ministry together with the new portfolio holder. In this case, the challenge will be twofold, as both Galípolo and Haddad will have to learn together how to manage day-to-day farm management.

This Tuesday (13), he participated, alongside the future Minister of Finance, in part of the meeting with Paulo Guedes’ team.

One of the advisers of the president-elect Luiz Inácio Lula da Silva (PT) on the financial market, Galípolo gained Haddad’s trust by participating in the coordination of the former mayor’s government plan in the dispute for the state of São Paulo, which he lost.

Galípolo even organized meetings between Haddad and undecided members of the financial market, in addition to having attended dinners with Lula.

Currently, he participates in the working group dedicated to the elaboration of the plans of the future PT president for the economy. The former banker was quoted as head of the BNDES, but the bets are now on the name of Aloizio Mercadante.

President of Banco Fator from 2017 to 2021, Galípolo has already been on the opposite side of the PT. Whether as president or director of new business at the bank, a chair he held from 2016 to 2017, the economist worked on modeling the privatizations of the privatizations of Cesp (Companhia Energética do Estado de São Paulo) and Cedae (Companhia de Águas e Esgotos do Rio), which took place under protest from PT members.

Haddad should announce some of his team’s names later this Tuesday afternoon. The disclosure is closely monitored by the market, which fears people more aligned with an interventionist economic policy.

This Monday, the possibility of the PT changing the Law on State-owned Companies, allowing Mercadante to be appointed to head the BNDES, as well as other political appointments, brought down the Stock Exchange and caused the dollar to rise.

Investors are concerned with fiscal sustainability in the face of a more favorable team to increase public spending, in a scenario in which the elected government is already seeking to raise expenses by at least R$ 168 billion via PEC (proposed amendment to the Constitution) of Gastança , pending in Congress.

This Tuesday, minutes released by the Copom (Monetary Policy Committee) showed that the Central Bank is concerned with the impact of “significant fiscal stimuli” tend to be greater on inflation than on economic activity in an environment of low idleness.