The administration of Brazilian President Jair Bolsonaro will present Congress with a pension reform that will be “quite substantial” and which will pass Congress with only slight changes, Bolsonaro said Wednesday in an interview with the Bloomberg news agency. Bolsonaro said Brazilian society was broadly in favor of such a reform, needed to avoid a fiscal crisis. He said, “This (public) sentiment makes it all but certain that the reform will be approved.” Bolsonaro gave the interview during the annual World Economic Forum in Davos, Switzerland. In comments Tuesday, Brazilian Economy Minister Paulo Guedes said the administration will present its reform proposal when Congress assembles on February 1. He said the reform will result in a sweeping overhaul of the pension system, establishing a capitalization system based on individual retirement accounts. Bolsonaro said Wednesday he was confident Congress will make only “minor adjustments” in the government’s reform proposal.
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