Brazil's Barbosa sees urgent need to reduce mandated spending

lunes 21 de diciembre de 2015 17:05 GYT

SAO PAULO Dec 21 (Reuters) - Brazil's new Finance Minister Nelson Barbosa said on Monday that constitutionally mandated expenses must be urgently revamped to reduce the country's deficit and put its public finances in order.

In his first speech as finance minister, Barbosa said he will send Congress a proposal by June 2016 for reform of the pension system. He urged Brazilian and foreign investors to continue to have confidence in Brazil despite the current economic and political turmoil in the country. (Reporting by Guillermo Parra-Bernal; Editing by Paul Simao)