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Brazil Needs To Continue Cutting Spending Even With Pension Reform

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Brazil will still need to continue to reduce public spending, especially government salaries, even as Congress approves a proposed high-level pension reform, Treasury Secretary Mansueto Almeida said on Wednesday, market.

Speaking at a conference in New York, Almeida said Social Security reform is a difficult process but stressed that support in Congress is strong and the government is “learning” to negotiate with parliamentarians.

Almeida also said that the minimum wage should be limited, and defended as “fair” a controversial salary increase for the military that the government sent to Congress along with the proposed pension reform for the category.