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Brazil to freeze US$23b in spending to meet target: source

[RIO DE JANEIRO] The Brazilian government will freeze around 70 billion reais (S$31 billion) in spending this year, an official familiar with the decision told Reuters on Friday.

The freeze is in line with market expectations and signals greater commitment to austerity as President Dilma Rousseff battles to regain the confidence of investors in the once high-flying emerging market economy.

The official, who asked not to be named to speak freely, said the freeze in executive, judicial and legislative spending amounts to slightly more than 70 billion reais.