Joaquim Levy

Joaquim Vieira Ferreira Levy (born February 17, 1961) is a Brazilian economist and Brazil's former Finance Minister.[1] Levy took office on January 1, 2015, during the presidential inauguration of Dilma Rousseff's second term.[2] He also was president of the Brazilian Development Bank (BNDES).

Joaquim Levy
President of the BNDES
In office 7 January 2019 – 16 June 2019
President	Jair Bolsonaro
Preceded by	Dyogo Henrique de Oliveira
Succeeded by	Gustavo Montezano
Minister of Finance
In office 1 January 2015 – 21 December 2015
President	Dilma Rousseff
Preceded by	Guido Mantega
Succeeded by	Nelson Barbosa
Secretary of the National Treasury
In office 1 January 2003 – 27 March 2006
President	Luiz Inácio Lula da Silva
Preceded by	Eduardo Refinetti Guardia
Succeeded by	Carlos Kawall Leal Ferreira
Personal details
Born	(1961-02-17) 17 February 1961 Rio de Janeiro, Brazil
Alma mater	Federal University of Rio de Janeiro Getúlio Vargas Foundation University of Chicago

Prior to the appointment, Levy was the President of Bradesco Asset Management, a division of Bradesco, Brazil's second largest private bank.[3]

Life and education

Born in Rio de Janeiro, Brazil, Levy holds a PhD in economics from the University of Chicago (1992), a Master's in economics from Getúlio Vargas Foundation (FGV) (1987) and graduated in Naval Architecture and Marine Engineering from the Federal University of Rio de Janeiro.[4]

Career

He was a Professor of Economics at FGV in the 1990s, before joining the IMF, where he worked from 1992 to 1999. At the IMF Mr Levy held several positions in the Western Hemisphere Department (1992), Europe I Department (1993-1997), Capital Markets, and Research (1997-1998). Mr Levy was also Vice-President at the Inter-American Development Bank and Finance Secretary of the State of Rio de Janeiro, during the first administration of Governor Sérgio Cabral Filho.[5]

Between 1999 and 2000, he was a visiting economist at the European Central Bank, having worked in the division of Capital Markets and Monetary Strategy. In 2000 he was appointed Deputy Secretary of Economic Policy at Brazil’s Ministry of Finance, and in 2001 became Chief Economist at Brazil’s Ministry of Planning, Budget, and Management.

In January 2003, he was appointed Treasury Secretary (an officer that in Brazil serves under the Minister of Finance) by president Luís Inácio Lula da Silva, and Levy held that office until 2006. The Chicago-trained economist and former Brazil Treasury Chief is regarded as an experienced orthodox professional and proven fiscal hawk, who helped Brazil obtain its investment grade credit rating by checking spending and overhauling its debt structure.[6]

From 2007 to 2010 Levy served as Finance Secretary of the State of Rio de Janeiro, under Governor Sérgio Cabral. From 2010 to November 2014, Mr Levy was the President of Bradesco Asset Management, an asset arm of the Brazilian giant financial conglomerate Bradesco, with more than US$130 billion under management.[7] Mr Levy left Bradesco at the invitation from Dilma Rousseff to assume the Ministry of Finance.

Brazil's Finance Minister

On November 27, 2014, president Dilma Rousseff named Levy as the country's Finance Minister for her second term, replacing Guido Mantega.[8] Levy took office as Finance Minister on January 1, 2015.

World Bank Group Chief Financial Officer

On January 11, 2016, World Bank Group president Jim Yong Kim named Levy as the bank's Chief Financial Officer, replacing Bertrand Badre.[9] Levy's appointment at the World Bank Group was effective February 1, 2016. As Former Managing Director and World Bank Group Chief Financial Officer , Joaquim Levy was responsible for the financial and risk management strategies of the World Bank Group and for the institutions that make up the Group. This includes development of new, innovative financial products and services, oversight of the financial reporting, risk management, and mobilization of financial resources in alignment with the Group’s strategy.

Brazilian Development Bank

In November 2018, it was announced that Levy was chosen by the team of President-elect Jair Bolsonaro to become the next president of the Brazilian Development Bank (BNDES). According to O Estado de S. Paulo, Levy will abandon his position at the World Bank to return to Brazil and head BNDES.[10] On 16 June 2019, Levy left the presidency of the bank after a controversy between President Bolsonaro and the nominee for director of the bank's Capital Market, Marcos Barbosa Pinto, who was Chief of Staff of Demian Fiocca, former president of BNDES during the government of former President Lula.[11]

References

1. "New Brazilian finance minister". FT.com. Retrieved 29 November 2014.
2. "Ministers Take Office in a Ceremony in Brasilia". Portal Brasil (in Portuguese). Brasilia, Brazil. Imprensa Oficial. 2015-01-01. Retrieved 2015-02-01.
3. "Bradesco hires Levy as Director". Estadão Newspaper. Retrieved 21 November 2014.
4. "List of Treasury Secretaries of Brazil, in Portuguese". National Treasury website. Archived from the original on 24 November 2014. Retrieved 21 November 2014.
5. "Levy's professional experience, in Portuguese". Bank Workers Union. Retrieved 21 November 2014.
6. "Banker to be named Brazil finance minister". Reuters. Retrieved 21 November 2014.
7. "Volume Managed". Bradesco Asset. Retrieved 21 November 2014.
8. "New Brazilian finance minister". FT.com. Retrieved 29 November 2014.
9. "Brazil ex-finance head joins World Bank". FT.com. Retrieved 9 January 2016.
10. {{cite web|url=https://economia.estadao.com.br/noticias/geral,joaquim-levy-sera-o-presidente-do-bndes,70002603930%7Ctitle=Joaquim Levy será o presidente do BNDEs|publisher=Estadão|language=pt|first=Sonia|last=Racy|date=11 November 2018|accessdate=16 June 2019
11. Salomão, Alexa; Castanho, William; Caram, Bernardo (16 June 2019). "Joaquim Levy pede demissão da presidência do BNDES" (in Portuguese). Folha de S. Paulo. Retrieved 16 June 2019.

External links

• Bradesco Asset Management website

Political offices
Preceded by Guido Mantega	Minister of Finance 2015	Succeeded by Nelson Barbosa
Business positions
Preceded by Dyogo Henrique de Oliveira	President of the Brazilian Development Bank 2019	Succeeded by Gustavo Montezano