Brazil pension reform clears Congress, stocks hit new highs | Malay Mail

📆 24-10-19 04:14:00
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BRASILIA, Oct 23 — Brazil's Senate yesterday approved a sweeping overhaul of the country's pension system to stabilise public finances and restore business confidence, setting up President Jair Bolsonaro to sign his keystone economic proposal into law. The Senate approved the main text of the...

Brazil's Economy Minister Paulo Guedes gestures as he speaks during Brazil Investment Forum in Sao Paulo October 10, 2019. — Reuters pic

Brazilian markets rallied and stocks hit an all-time high as the government cleared the final legislative hurdle for its top economic priority. Economists have said the controversial cuts to social security spending are crucial to closing a fiscal deficit that cost Brazil its investment-grade credit rating.

The government and economists say it is the single most crucial measure to put Brazil's public finances on a more stable footing, boost investor and business confidence, and inject life into the sluggish economy. Overhauling Brazil's costly social security system was Bolsonaro and Economy Minister Paulo Guedes' No. 1 economic reform push during their first year in office.

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