SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.435+8.7%Jan 2 9:30 AM EST
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Jay8088 who wrote (7647)9/8/1998 1:24:00 PM
From: Steve Fancy   of 22640
 
Brazil announces cuts to 1998, 1998 budgets

Reuters, Tuesday, September 08, 1998 at 12:51

BRASILIA, Sept 8 (Reuters) - The Brazilian government has
decided to cut the federal budgets for 1998 and 1999 in a bid
to reduce the country's public sector budget deficit, the
Finance Ministry said Tuesday.
Spending on social programs and infrastructure in 1998 will
be cut by 4 billion reais to achieve a primary surplus -- not
including debt costs -- of 5 billion reais, the ministry said
in a statement.
In 1999, spending will be limited to 80 percent of levels
included in a draft version of the budget for next year with a
view to posting a primary surplus of 8 billion reais, the
statement said.
The surplus targets were not expressed in terms of gross
domestic product.
Finance Minister Pedro Malan was due to make a statement on
the measures.
The announcement came after Brazilian markets were battered
by fallout from Russia's financial crisis and widespread
concerns about emerging markets around the world.
Brazil relies heavily on flows of foreign dollars to help
cover its budget deficit, currently estimated at 7 percent of
gross domestic product in annual terms.
brasilia.newsroom@reuters.com))

Copyright 1998, Reuters News Service
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News