Brazilian minister presents bill to privatize state-run postal company

BRASILIA -- Brazilian Communications Minister Fabio Faria presented to President Jair Bolsonaro on Wednesday a bill that will allow the privatization of the Brazilian Post and Telegraph Company (ECT).

The final text will be sent to Congress and is expected to be approved by the end of 2021, according to Faria.

"This project deals more with principles than with norms, among other things, because Congress must address these issues and it is there that all the necessary requirements will be discussed, on the universalization of postal deliveries and in relation to officials," Faria said at a press conference.

The National Bank for Economic and Social Development has hired the consulting firm Accenture to carry out a study on the best model to privatize the state-owned company, and results of the study will be sent to Congress for consideration.

The ECT, which has about 100,000 employees, was founded in 1663.