Brazilian Finance Minister Henrique Meirelles said that the pension reform bill might suffer further changes to improve congressional support for the legislation.
The minister said he would hold meetings to continue working on the reform vote, but if “there is not a vote now, there is a strong expectation that it will be voted and approved at the beginning of 2018,” he said.
According to the minister, there is a real risk of a downgrade to Brazil’s credit rating next year if Congress rejects the pension reform.
“Certainly, if the pension reform is defeated, there would be a reduction of Brazil’s credit note,” he said.
According to him, the country’s risk could also increase, since the foreign market works with the perspective of the pension reform to control the Brazilian fiscal deficit. “We hope this does not happen, we are working to (avoid) it,” he said.
The material has been provided by InstaForex Company – www.instaforex.com
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