Foreign

Brazil government bangs pension reform drum as growth outlook fizzles

Published

on



Brazil government bangs pension reform drum as growth outlook fizzles

The comments by Labor and Pensions Secretary Rogerio Marinho come amid deepening doubts about the fate of pension reform, which has weighed heavily on business and investor sentiment.

A regular central bank survey of economists on Monday showed that growth forecasts for this year have fallen to a new low.

Markets slumped last week on reform concerns and the central bank said the economy probably contracted in the first quarter.

Bolsonaro, accused of failing to garner support from lawmakers for his pension reform bill, tweeted on Monday that the government will put forward tax reform proposals as soon as pension reform, “the gateway to Brazil’s progress,” is passed.

“Approval paves the way for other economic steps that will benefit the whole country, like tax reform, which we intend to present soon after,” Bolsonaro tweeted.

Bolsonaro will join Economy Minister Paulo Guedes later on Monday to launch the second phase of a publicity campaign “New Social Security: You Can Ask” promoting the administration’s proposals to generate public savings of 1.237 trillion reais (306 billion dollars) over the next decade.

Marinho said the special committee of lawmakers headed up by lawmaker Samuel Moreira currently reviewing the bill is on track to deliver its final verdict within 15 days.

Speaking in Brasilia, Marinho said he was confident Moreira would “respect” the original text, but also noted strong “resistance” to some parts of the bill.

“We cannot anticipate what Moreira’s report will be. We are talking to him and the signs are good, in terms of sharing ideas and making suggestions” Marinho said.

Marinho said the government was in constant dialogue with congressional caucuses, but denied reports of a compromise on proposals for new minimum retirement ages for teachers.

Fiscal transparency is critical to reviving the economy, Marinho said.

Earlier on Monday the central bank’s weekly survey of around 100 financial institutions showed the median forecast for growth this year falling to a new low of 1.24 per cent.

https://nnn.ng/brazil-government-bangs-pension-reform-drum-as-growth-outlook-fizzles/

Paris knife attack suspect says he was targeting Charlie Hebdo – Police source Congolese security forces thwart rebel attempt to seize mining hub 171 millionaires emerge in Dangote Cement Promo President Buhari greets Onabule at 81 Oba Oniru wants LASG to recognize “Isese Day” Onyeama calls for peace in Enugu APC World Tourism Day: NCF showcases Nigeria’s rich conservation park‍  I-G condemns attack on security convoy in Borno 2020/2021 Legal Year: Clergy tasks judges on justice, fight against corruption FG applauds CAN’s roles in nation building Vardy’s hat-trick inspires Leicester City to 5-2 win over Manchester City Community repatriates 43 Nigerian women stranded in Lebanon Electricity: Ojota community protests ‘crazy’ bills, disconnections LASG says MSMEs key to economic recovery  Valentino picks Milan over Paris for rare live fashion show 60th Independence: Sanwo-Olu urges citizens to rededicate to nation’s unity In Paris, a fashion eco-system on edge as shows disappear French Open: Wawrinka thrashes Murray as big match falls flat 13 B/Haram terrorists, 23 family members surrender to troops in Borno -DHQ Malami donates N11m to Kebbi flood victims Jos airport renovation 95 per cent completed – Manager FG mulls policy on zero rating for educational websites Tourism Day: Nigeria to leverage on tourism to boost grassroots devt.- Minister Buhari’s policies yielding fruitful results – Gov Bagudu Ministry to create platform for lifting 100m Nigerians out of poverty Oil palm growers commend Buhari, CBN for empowering small holder farmers Nigerians renew call on Multichoice, others on pay as you go tariff NIHOTOUR will work with private sector for sustainable development of tourism -Kangiwa Men like Justice Karibi-Whyte, difficult to find anymore -NBA President Gov. Wike describes late Karibi-Whyte as a super hero, incorruptible jurist Inter hits two late goals to beat Fiorentina 4-3 Beaten Betis coach Pellegrini blames VAR in defeat to Real Madrid COVID-19: Nigeria cases now 58,198 with 49,722 discharged Ministry official advocates regular dog vaccination to end rabies by 2030 COAS inspects ongoing projects in Army Super Camp, Ngamdu School resumption: Expert advocates provision of clean water to check spread of infections Armed Forces College holds memorial service for 1992 Ejigbo plane crash victims Increased tariff: Previous administration created problem in power sector Scores of terrorists killed in massive airstrikes on hideouts in Borno – DHQ Wike promises early completion of 258-bed mother, child hospital in Port Harcourt Yobe IPAC agrees with LG elections postponement Brazil court postpones league game after several COVID-19 positive tests Don charges media on changing maternal health narratives FG hands over Ogoni remediation sites to NOSDRA for scientific analysis Chilean team discover match postponed after 1,500 km trip Buhari condemns attack on Gov. Zulum’s convoy, killings of security agents Edo election: We have learnt our lesson — APC Environmental: Kano Govt deploys 1,000 sanitation vanguards Christian women pray over insecurity in Jos Chelsea recover from 3 goals down to draw at West Brom