Bolsonaro: Privatizing is not about ‘the highest bidder takes the most’; it is a complex process

RIO DE JANEIRO, BRAZIL – The president was referring to the bill to privatize the Correios, submitted to Congress on Wednesday, February 24th.

President Jair Bolsonaro tried to defend himself from criticism over the lack of privatizations under his government and, in a live stream on his social networks on Thursday, February 25th, he said that privatizing a state-owned company is not about placing it on the shelf and “the highest bidder takes the most.” He was referring to the bill to privatize the Correios (Brazil Post), submitted to Congress on Wednesday, February 24th.

“It is a complex process. There are several studies, several bodies, the BNDES (National Bank for Economic and Social Development) comes into play, the specific ministry to which the state-owned company is incorporated, the Ministry of Economy comes in, and then the National Congress,” commented Bolsonaro. “It is not easy, but we are doing our part,” he argued.

Related coverage: Argentina: The Kirchners' most trusted entrepreneur sentenced to 12 years imprisonment · Colombia's Attorney-General reaches Ecuador to deliver intel on ELN support for Arauz's campaign · Mexican president says he'll propose labor program to Biden · Analysis: Mexico’s fastest-rising cartel is taking over the country fighting medieval-style battles

More: Brazil news in English, every day from The Rio Times.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief

Brazil runoff, Sunday, October 25: Brazil runoff date. Latest: Brazil runoff polls, Flávio 51%, Lula 49%.