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Brazilian lawmakers negotiate pension bill details ahead of vote

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Brazilian lawmakers negotiate pension bill details ahead of vote

Lawmakers

Marinho expressed optimism that a congressional committee would still be able to vote on the legislation soon.

President Jair Bolsonaro’s government made several minor concessions to the bill on Monday, local newspapers reported, to ensure that the vote goes forward.

Marinho said the negotiations were going well so far.

Economists, investors and others consider pension reform essential to getting control of Brazil’s ever-growing fiscal deficit and balancing the budget.

The measure was a key proposal of Bolsonaro’s election campaign.

The government says the pension changes would save roughly 253.38 billion dollars 10 years after approval.

The modifications agreed to, on Monday should not affect the amount of money saved, O Globo newspaper reported on Tuesday.

The government, however, has lost momentum on the pension legislation in recent days, even as key economic indicators have worsened.

Brazil’s real currency fell some 0.3 per cent on Monday, as its Bovespa stock index rose almost 1.4 per cent.

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