It’s official: João Leão is the new Finance Minister

  • ECO News
  • 15 June 2020

João Leão replaces Mario Centeno as of this Monday. Team of four secretaries of state has only one name that remains from the previous team.

João Leão is now officially the new Finance Minister. The inauguration ceremony, with no right to guests due to the pandemic, took place this Monday at the Palácio de Belém. In addition to Leão, the four secretaries of state also took office.

After five years as Secretary of State for the Budget, João Leão rose to the position of Finance Minister, replacing Mário Centeno. In addition to him, the secretaries of state Ricardo Mourinho Félix and Álvaro Novo also left their positions.

From the previous team, only one secretary of state remained: António Mendonça Mendes remains with the portfolio of Fiscal Affairs but is promoted to deputy. Cláudia Joaquim is the new Secretary of State for the Budget, João Nuno Mendes is now the Secretary of State for Finance and Miguel Cruz is the new Secretary of State for the Treasury.

Later this week, Leão will have to go to Parliament to defend the Supplementary Budget designed to accompany the recovery of the national economy after the pandemic crisis. This will be one of the many challenges now facing the successor to Mário Centeno, who will make his debut with the deficit and the public debt on the rise.