Brazil can’t pull off pension reform without 1 trillion reais in savings: Economy Minister
Written by MagaFirstNews on March 15, 2019
FILE PHOTO: Brazil’s Economy Minister Paulo Guedes attends a meeting with governors about pension reform bill proposal in Brasilia, Brazil February 20, 2019. REUTERS/Adriano Machado
March 15, 2019
RIO DE JANEIRO (Reuters) – Brazil’s Economy Minister Paulo Guedes said on Friday that pension reform must deliver at least 1 trillion reais ($262.26 billion) in savings in order to fund a transition from the current system to individual retirement accounts.
Guedes said the government would consider privatizing state-controlled companies Petroleo Brasileiro SA and Banco do Brasil SA after Privatization Secretary Salim Mattar finishes his current slate of planned privatizations.
(Reporting by Rodrigo Viga Gaier and Gram Slattery)