MEXICO CITY (Sputnik) — The Brazilian government unveiled $22.6-billion budget cuts in an attempt to rebalance the country’s economy, local media reported Friday.
Discretionary expenses have been cut from 4.7 percent of GDP to 4.2 percent.
The changes to the budget are needed to meet the country’s fiscal austerity goals and balance the budget.
Some infrastructure projects’ budgets will be cut, as well as the financing of the so-called My House, My Life project focusing on building housing for poor Brazilians.
Brazil is currently facing an economic downturn, with an overall budget gap estimated at 6.7 percent of GDP — one of the highest among the developing countries.
