TIMELINE: Brazil’s Fiscal Austerity Program

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Brazil’s President Dilma Rousseff appointed Joaquim Levy as her finance minister in November 2014 to shrink the budget deficit and slow inflation in her second term, which started this year. Since joining her cabinet, the economist has moved to implement belting-tightening policies to damp consumer prices and stave off a sovereign-credit downgrade.

* Here’s a timeline of the government’s key efforts so far, plus a few to come:

* June 9: Government will unveil a plan to attract private investment for infrastructure projects

* June 3: Central bank raises benchmark interest rate for sixth-straight meeting, to 13.75%

* May 22: Budget Minister Nelson Barbosa announces spending freeze of 69.9 billion reais for 2015. Levy, who according to a government source wanted larger cuts, didn’t attend news conference

* April 8: Government authorizes studies for IPO of state-owned bank Caixa Economica Federal’s insurance unit

* March 24: Central bank ends currency intervention program that started in 2013 to buoy the real

* March 23: Standard & Poor’s affirms Brazil’s investment-grade status ** Rating company last year gave Brazil its first sovereign downgrade in more than a decade

* Feb. 27: Levy says government will unwind breaks on corporate-payroll taxes. Told reporters cuts to the tax in previous years had been a costly “joke” ** Lower house scheduled to vote on measure June 10

* Feb. 27: Electricity regulator allows rates to rise by about 23%, not including additional power-bill fees

* Jan. 19: Levy unveils plan to boost taxes on fuel and credit

* Jan. 8: Government reduces by more than a third the amount it can spend per month on some expenses

* Dec. 29: Government announces plan to cut some pension and unemployment benefits ** Legislation passed by Congress last week of May, with some modifications

* Dec. 19: Brazil raises so-called TJLP long-term interest rate for first time in more than a decade. The rate is a benchmark for loans provided by development bank BNDES

* Nov. 27: Levy sets fiscal targets in first press conference as a newly designated finance minister. Shoots for primary surplus of 1.2% of GDP in 2015, 2% in 2016 and 2017

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