Tax & Spend
Brazil Ministry Cuts Savings Estimate From Revised Fiscal Plan
- Finance Ministry sees 69.8 billion reais in savings until 2026
- Reduction is greater than Finance Minister’s earlier forecast
Luiz Inacio Lula da Silva and members of his cabinet after the last ministerial meeting of the year on Dec. 20.
Photographer: Sergio Lima/AFP/Getty ImagesThis article is for subscribers only.
Brazil’s Finance Ministry reduced its forecast of budget savings from President Luiz Inacio Lula da Silva’s austerity plan after the country’s Senate approved on Friday a watered-down version of the program.
The government expects the package to generate about 69.8 billion reais ($11.5 billion) in savings over the next two years, some 2.1 billion reais less than the previous forecast, according to documents released by the Finance Ministry late on Friday.