Brazil May Cut 60 Billion Reais From 2012 Budget, Estado Says

Brazil may cut about 60 billion reais ($32.1 billion) from its 2012 budget, more than previously forecast, as it seeks to reach its primary budget surplus target, O Estado de S. Paulo reported, citing unidentified people at the Finance Ministry.

The government had previously said it planned to cut 50 billion reais from this year’s budget, the Sao Paulo-based newspaper reported. The government is aiming for a primary budget surplus of 3.1 percent of gross domestic product in 2012, according to Estado.

To contact the reporter on this story: Lucia Kassai in Sao Paulo at lkassai@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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