Brazil in urgent need of pension reform

Monday 12 May 2003 at 16:00

Investment managers are warning that pension reforms proposed by Luis Inacio Lula da Silva, the Brazilian president, are crucial to his country's economic recovery and must be approved. The reforms are facing strong opposition from Lula's own left-wing Workers' Party that blocked those proposed by the previous government for nearly 10 years.

However, fund managers say they are among the most important in any emerging market country and crucial to investor sentiment.