The Brazilian government plans to use revenues from newly discovered oil fields to create a sovereign wealth fund containing as much as $200bn-$300bn in the next three to five years, Guido Mantega, finance minister, has told the Financial Times.

Mr Mantega said a bill to create the fund would be sent to Congress as early as this week under a fast-track system that gives legislators a maximum of 45 days to consider the bill and approve or reject it.