New Brazil Bank Leader Originally from Israel - from TRUNEWS

Brazilian Finance Minister Henrique Meirelles announced this week that Itau Unibanco’s Isarel born chief economist, Ilan Goldfajn, to head the central bank in a bid to recover investors’ confidence.

Meirelles, a former central bank chief, delayed the announcement of his economic team until Tuesday to give his picks more time to leave their jobs in the private sector.

“Firstly, I would like to announce Ilan Goldfajn as the new president of the Central Bank,” Meirelles said.

“What I am doing is carrying out the needed decision whether it be for the Central Bank or public accounting or whether it be regarding economic policies. We are advancing in a very firm and secure manner but also advancing in a very important and decisive way,” he added.

Haifa-born Ilan Goldfein was appointed on Thursday to be the president of the Central Bank of Brazil.

Goldfein earned his PhD in economics from MIT. He is considered one of the leading and most well-regarded economists in Brazil, has worked as a senior lecturer at top universities and has published many articles. In addition to Portuguese, he speaks Hebrew, English and Spanish. He was born in Haifa, Israel, still has family in Israel and visits often.

Goldfein’s appointment comes on the heels of a corruption affair that led to the suspension of Brazil President Dilma Rousseff, who is facing trial for supposedly hiding the country’s deficit to make its economy appear better than it was during her 2014 reelection campaign.

Interim President Michel Temer, who replaced President Dilma Rousseff last week after she was suspended by the Senate to stand trial for breaking fiscal rules, picked Meirelles to revive an economy mired in one of its worst recessions in memory.

The interim government will set up a working group with union leaders to draft a pension reform bill in 30 days, said union bosses who met with Temer on Monday. An overhaul of the costly pension system is key for Brazil to plug a widening fiscal gap that cost the country its coveted investment grade credit rating last year.

The Temer administration is forecasting a primary budget deficit of more than 120 billion reais ($34.27 billion) for this year, well above the 97 billion reais estimated by the previous government, said three officials familiar with the matter.

Temer plans to submit this week a bill to change the estimate for the primary deficit, which is the budget gap prior to interest debt payments, Planning Minister Romero Juca said on Monday.

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