Privatization initiatives to provide opportunities for foreign investment in Brazil

On the heels of one of the worst recessions in Brazil in years, stemming from a number of political crises involving widespread corruption and related investigations (most notably, the highly publicized Lava Jato investigations), Brazil has been showing signs of economic recovery.

In January 2019 Jair Bolsonaro took office as the new president of Brazil and assembled an economic team that may be best characterized as pro-market. Mr. Bolsonaro named investment banker and noted free market economist Paulo Guedes as the minister of the economy, a role in which Mr. Guedes will be responsible for formulating and implementing economic and fiscal policy on behalf of the Brazilian federal government. The new administration has indicated that privatizations will be a strategic priority in the rebuilding of Brazil's economy in the wake of the systemwide corruption investigations that resulted in the bankruptcy or near-insolvency of several key Brazilian companies, particularly in the construction and oil and gas services sectors.

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