MercoPress. South Atlantic News Agency

Brazil ready for decisive voting on pension reform bill

The reform, which will need to amend Brazil´s constitution, needs at least 308 votes in two voting rounds, equivalent to three fifths of members in the lower House.

Brazilian House speaker Rodrigo Maia said over the weekend he expects the lower Congressional House to begin voting on the pension reform bill this Tuesday. After a meeting with Congressional leaders on Saturday in Brasilia, Maia said he will begin discussing the bill with party leaders on Monday and expects voting to begin late on Tuesday.

The pension reform, which will need to amend Brazil´s constitution, needs at least 308 votes in two voting rounds, equivalent to three fifths of representatives in the lower House.

Economy Minister Paulo Guedes has estimated that the plan to overhaul Brazil’s social security system could save as much as 3 trillion reais over 20 years.

Domestic and overseas Investors are waiting for the approval of the reform, which should help to stabilize Brazil's accounts and budget outlays, triggering a major inflow of capital. Although the reform process has been slower than expected and faced many obstacles, and powerful interest groups, it finally seems to be on track.