December 9, 2019 |
Almost a year ago, President Jair Bolsonaro’s announced his goal to shrink the government’s footprint in the private sector. Besides raising cash to narrow the country’s deficit, he hoped to reduce the bloated bureaucracy and reinvigorate the economy by reversing a long-established culture of government involvement in corporate affairs.
Since then, Brazil has shed all kinds of assets. The instant lottery was sold off for $200 million in October to a global gaming consortium. Spain’s Aena shelled out $500 million for rights to operate six airports. And state-owned Petrobras unloaded almost $11 billion worth of businesses, including 90% of its TAG gas pipeline. Finance Minister Paulo Guedes re
The sale of state-owned assets totaled $23.5 billion in the first nine months, surpassing initial estimates. The pace could accelerate in 2020 as the Bolsonaro administration streamlines the privatization process