Brazil: Brazil’s state-owned companies to be bought by the state of Minas Gerais

Brazil is set to sell off some of its state-run enterprises to the Minas-Gerais state for a reported $50 billion.

The Brazilian state-controlled conglomerate Minas Técnico SA, which was created in 1974 and was sold off in 2013, was the subject of a US investigation.

Minas is now owned by Brazilian President Dilma Rousseff.

President Rousseff’s office has denied that the government has been pressured into selling Minas. 

Brazil has seen a rapid rise in inequality and the cost of living, with a growing number of people unable to afford food, healthcare and education. 

The Brazilian state is also facing a budget crisis, and it is unclear how long the deal will last. 

(AP Photo: Fernando Alves)