Brazil: Pension reform enters the home stretch

  • The government’s lack of a solid base in the Senate resulted in another 9% reduction in savings from the pension reform
  • The Senate now needs to deliver significant savings from the second pension reform bill, which aims to include state and municipal workers
  • But there is a risk that the second pension reform bill could further water down the reform, rather than boost the long-term savings
  • While the August primary deficit result was better than expected, the fiscal outlook remains weak as mandatory expenses keep rising
  • Despite some advances, other reforms remain largely on hold until after the final pension reform vote in the Senate later this month

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05 Apr 2019

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