Privatizations under the Fernando Henrique Cardoso presidency

The presidency of Fernando Henrique Cardoso (1995–2003) oversaw the largest privatizations in Brazil's history. During this period, approximately R$ 78.6 billion were added to public coffers through privatizations. The sale of state-owned companies was a measure adopted by the government to address concerns about the worsening public debt. Despite these efforts, privatizations did not halt the increase in public debt, which rose from 78 billion dollars in 1996 to 245 billion in 2002.