New Brazilian leader launches economy rescue plan

Brazil's new government has announced a privatisation plan aimed at reviving the country's struggling economy.

According to the BBC, it plans to sell off four airports and two port terminals as well as offer contracts to private firms for a wide range of projects, including building new roads and running mining projects.

President Michel Temer, who was sworn in two weeks ago after Dilma Rousseff’s impeachment, said the plan would boost growth and jobs.

The plans are part of the new president's "Crescer" ("Grow") initiative, which aims to increase private investment in the country, in an attempt to address its huge budget deficit amid the Brazil’s worst recession in 80 years.

Brazil's economy contracted 3.8% last year, and is expected to shrink a further 4.3% this year, according to the Organisation for Economic Co-operation and Development.

Temer has also pledged to make pension and labour reforms as well as make infrastructure investments more attractive to private firms and foreign investors.

The government will reportedly scrap a rule that state-run oil firm Petrobras has to have a 30% stake in all new oil reserve developments.

In a bid to attract overseas investors, auction rules will also be printed in English as well as Portuguese.