Brazilian President-elect Jair Bolsonaro's future economy minister Paulo Guedes announced a plan Tuesday to create a privatization secretariat to speed up the denationalization of state-owned firms.

When serving as economic coordinator for Bolsonaro during his presidential campaign, Guedes, a liberal graduated from the University of Chicago, advocated the privatization of state-run services such as the postal service and subsidiaries of state oil and gas giant Petrobras.

On Monday, Bolsonaro dismissed the idea of privatizing Petrobras outright, but said parts of it could be sold off.

He has said the privatization process will follow a specific well-defined plan.

In addition to the privatization program, the economic agenda of the incoming Bolsonaro administration includes tax and pension reform, further opening up the economy, creating an independent central bank, and scaling back state intervention to a minimum.