Macroeconomy/Finance

Brazil administrative reform to generate at least $57 bn savings over 10 years

The Brazilian government’s administrative reform proposals to simplify and reduce the cost of the public sector will generate at least R$300 billion (($57 billion) of savings over the next decade, according to Economy Minister, Paulo Guedes. This was the first estimate of how much the wide-ranging reforms will save the public purse. The government presented its constitutional reform bill to congress last week, the first of a three-part legislative process. Officials said savings forecasts would come when second and third phases of guidelines on salaries are presented.

Source: Reuters