This chapter discusses the progress of privatization in Brazil, from its slow start in the early 1990s to its rapid development in 1998. Under presidents Collor and Franco, privatization became a part of a larger program aimed at reducing the size of state intervention in the economy. During the Cardoso administration, privatization grew from a mere policy to a main engine of a new economic development model, which was considered the best means to enhance growth and investments. The chapter notes that in the early 1990s Brazilian policy makers used privatization only as a tool to cut the budget deficit rather than as a means to achieve greater socioeconomic changes. It also shows the accomplishments of Programa Nacional de Desestatização (PND) in signalling to socioeconomic groups, multilateral agencies, and foreign investors that Brazil had started on economic reforms for the nation's future.
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