| Eight years after it was founded, Brazil’s sovereign wealth fund is poised to finally serve its country -- by shutting down. Acting President Michel Temer said Tuesday that the government plans to withdraw about 2 billion reais ($560 million) in assets and use the proceeds to finance a ballooning budget deficit as his economic team tries to end Brazil’s worst recession in a century.
Banco do Brasil SA, the state-run bank and the sovereign fund’s biggest stock holding, slumped to a two-month low after the announcement. The withdrawal will most likely mark the end for a fund that never quite fulfilled its purpose of investing in “strategically interesting” projects in Brazil and abroad...............................................Full Article: Source
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