{"id":52051,"date":"2015-09-14T18:45:00","date_gmt":"2015-09-14T20:45:00","guid":{"rendered":"https:\/\/escaesco.com.br\/lab\/anba\/government-announces-us-6-7-bn-budget-cut\/"},"modified":"2019-06-30T12:57:07","modified_gmt":"2019-06-30T15:57:07","slug":"government-announces-us-6-7-bn-budget-cut","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/government-announces-us-6-7-bn-budget-cut\/","title":{"rendered":"Government announces US$ 6.7 bn Budget cut"},"content":{"rendered":"<p>Bras&iacute;lia &ndash; The Brazilian federal government announced this Monday (14th) that its 2016 Budget will include a R$ 26 billion cut (US$ 6.7 billion). Finance minister Joaquim Levy and Planning minister Nelson Barbosa made the announcement at government seat <em>Pal&aacute;cio do Planalto. <\/em>The cuts are intended to enable a primary surplus (savings intended to cover interest on the national debt) of 0.7% of Gross Domestic Product (GDP) next year. <\/p>\n<p>By announcing the spending cuts, the government hopes to regain credibility among international investors. On August 31st, Brazil&rsquo;s Executive branch submitted the 2016 draft budget to National Congress anticipating a R$ 30.5 billion deficit (US$ 7.8 billion). A week later, Standard &amp; Poor&#8217;s downgraded Brazil&rsquo;s credit rating from BBB- to BB+, meaning that the country is no longer regarded as investment-grade. <\/p>\n<p>Besides the spending cuts, Levy reported that the government intends to levy a 0.2% tax along the lines of the now-defunct Contribui&ccedil;&atilde;o Provis&oacute;ria sobre Movimenta&ccedil;&atilde;o Financeira (CPMF &#8211; Provisional Contribution on Financial Transactions). The goal is to collect R$ 32 billion (US$ 8.2 billion).<\/p>\n<p>The government is also planning to review tax breaks and raise taxes in an effort to reach the total fiscal adjustment target of R$ 64.9 billion (US$ 16.7 billion), including spending cuts and higher revenue collection.<\/p>\n<p>Some of the measures need approval from the National Congress. <\/p>\n<p><strong>*With information from the ANBA Newsroom. Translated by Gabriel Pomerancblum<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Measures announced this Monday are intended to add US$ 16.7 billion to the Brazilian Federal Budget in 2016, between spending cuts and increased revenue collection.<\/p>\n","protected":false},"author":2315,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[],"class_list":{"0":"post-52051","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy"},"wps_subtitle":"Measures announced this Monday are intended to add US$ 16.7 billion to the Brazilian Federal Budget in 2016, between spending cuts and increased revenue collection.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/52051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2315"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=52051"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/52051\/revisions"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=52051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=52051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=52051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}