The Brazilian government will freeze an additional 21.2 billion reais ($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% this year, above a prior estimate of 2.94%.
The government has targeted a consolidated primary surplus, or excess revenue prior to interest debt payments at all levels of government, of 0.5% of gross domestic product.
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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% this year, above a prior estimate of 2.94%.
The government has targeted a consolidated primary surplus, or excess revenue prior to interest debt payments at all levels of government, of 0.5% of gross domestic product.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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