Brazilian government announces cuts of 55 billion

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Brazilian government announces cuts of 55 billion
BRASILIA,BRAZIL (BDCi) – The Brazilian government has announced cuts in its 2012 budget of 35 billion in discretionary spending, plus 20 billion in mandatory spending.

According to the minister of Finance, Guido Mantega, the cuts will not reduce growth. “We want to boost growth. We seek vigorous growth in 2012 and the following years. In spite of difficulties around the world, with various countries slowing down, including some emerging nations, Brazil has the ability to grow faster. The bidget we are implanting will make vigorous growth in Brazil possible,” declared the minister.

Mantegna went on to say the projected GDP or gross domestic product growth of 4.5% was “very satisfactory” for Brazil. “This is a rate that will give job creation in the formal job market a strong impulse. We want strong job creation so young people will have more opportunities to get a job.”

The minister concluded by saying that the priority in the new budget was government spending. “Higher public spending is the locomotive of Brazilian growth. An increase in public spending will foment higher levels of private spending,” said Mantega.

By: Natania Levine

Courtesy: agenciabrasil.ebc.com.br

Photo: nsnewspress.com

16 February 2012

10:32 a.m P.S.T

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