Business

Bolsonaro’s privatizations plan all but buried

Exit of Eletrobras CEO highlights the Bolsonaro administration's ineptitude in getting its bold privatizations program off the ground

Bolsonaro's privatizations plan all but buried
President Jair Bolsonaro and Economy Minister Paulo Guedes during the Latin America Investment Conference. Photo: Marcos Corrêa/PR

On July 6, 2020, Brazil’s Economy Minister Paulo Guedes promised to announce “four major privatization projects” within the next “30, 60, or 90 days.” This zeal for privatizations was no surprise coming from Mr. Guedes, who pledged to sell off “every single state-owned company” when he was appointed as Jair Bolsonaro’s economic tsar in 2018. But a full 205 days since the Economy Minister’s bold promise, nothing substantial has been announced — and the recent resignation of Wilson Ferreira Junior as CEO of state-owned energy company Eletrobras sinks a knife into the back of Mr. Guedes’ hopes to shrink...

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