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Brazil can’t pull off pension reform without 1 trillion reais in savings: Economy Minister

Brazil can’t pull off pension reform without 1 trillion reais in savings: Economy Minister

RIO DE JANEIRO: Brazil’s Economy Minister Paulo Guedes said 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.