News Formal

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

  • 📰 malaymail
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 86%

United States News News

United States United States Latest News,United States United States Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Brazil stocks hit record high ahead of pension reform vote | The Malaysian InsightJair Bolsonaro's signatory economic policy expected to save more than 800 billion reais over 10 years.
Source: msianinsight - 🏆 8. / 63 Read more »

Brazil stocks hit record high ahead of pension reform vote | The Malaysian InsightJair Bolsonaro's signatory economic policy expected to save more than 800 billion reais over 10 years.
Source: msianinsight - 🏆 8. / 63 Read more »