Brazil may fast-track SWF law

Brazil's finance minister on Monday said that the country will set up a sovereign wealth fund in spite of recent reports that the country's president may reject the plans.

Guido Mantega, the finance minister, told the Financial Times that the long-mooted fund would be created and that legislation could be sent to parliament as soon as this week to be approved at some point before the end of July.

Mantega said that the project would start off relatively small as a fiscal-stability fund with a

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