By Lise Alves, Senior Contributing Reporter

RIO DE JANEIRO, BRAZIL – The Brazilian government has announced plans to privatize or sell off approximately one hundred state-controlled companies including subsidiaries of Banco do Brasil, Caixa Economica and Petrobras. The goal of the new government of Jair Bolsonaro is to reduce spending and increase revenues.

"There are many subsidiaries,” said new Infrastructure Minister, Tarcisio Gomes de Freitas, in his first press conference as minister.

“Obviously, we are talking not only about privatizations, but also about liquidating companies that no longer make sense. The liquidations will increase the budget and there is more . . .

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