(MENAFN) Brazil is set to reduce its 2015 spending budget by an unprecedented USD23 billion in hopes of hitting the government's financial goals for the year, Turkish Weekly reported.
According to the country's Minister of Planning, the move comes as an initial step to bring Brazil's economy back to profitable ways. This recent cut will aid the country in savings of about USD8.29 billion.
"For the economy to recover, for growth to recover, we need to make an effort toward fiscal balance. It was necessary to block 66.9 billion reais to achieve the federal government's fixed primary surplus target this year," the Minister said.
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