Brazil’s pension reform proposal returns to the congressional spotlight with a committee of lower house lawmakers opening its analysis of the government’s bill just as the outlook for the economy is deteriorating rapidly.
The lower house of Brazil’s Congress will delay a vote on a bill trimming social security benefits until Feb. 19, Speaker Rodrigo Maia said on Thursday, pushing a decision on the cornerstone of President Michel Temer’s fiscal reforms into an election year.
Brazilian Finance Minister Henrique Meirelles said on Thursday “there’s a very good chance” that the country’s proposed pension reform bill will be approved by the end of the year. Addressing a question-and-answer session at an Institute for International Finance meeting in Washington Meirelles said that it would be simpler to pass the bill this year than next year because of political challenges that could come with Brazil’s upcoming presidential election in October 2018.