Brazil freezes 21.2b reais from budget, sees deeper recession
[SAO PAULO] The Brazilian government will freeze an additional 21.2 billion reais (S$8.03 billion) in expenditures from this year's federal budget, the Finance and Budget and Planning Ministries said on Tuesday, as the harshest recession in decades hampers tax collections.
In a joint report, the ministries said that the amount of budget spending being withheld so far this year totals 44.6 billion reais. The government is expecting the economy will shrink 3.05 per cent this year, above a prior estimate of 2.94 per cent.
The government has targeted a consolidated primary surplus, or excess revenue prior to interest debt payments at all levels of government, of 0.5 per cent of gross domestic product.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Deflation reaches UK stores as non-food prices fall 0.6%
Japan’s March factory output rises 3.8% vs month earlier
Hong Kong vies with US in Bitcoin ETF market after crypto’s revival
More UK companies plan price rises but wage expectations cool: Lloyds
Campaigning EU chief von der Leyen defends record during debate
Israel concerned over possible ICC arrest warrants related to Gaza war