March 22, 2018 / 6:33 PM / a month ago

Brazil government freezes $800 mln in federal spending

BRASILIA, March 22 (Reuters) - Brazil on Thursday froze 2.638 billion reais ($800 million) worth of 2018 federal spending as it cut its inflation and economic growth forecasts for the year.

In a monthly report, the government forecast expenditures of 1 billion reais related to an ongoing federal intervention in the Rio de Janeiro state. It also estimated no revenue from a plan to raise payroll taxes that has faced strong opposition in Congress.

$1 = 3.30 Brazilian reais Reporting by Marcela Ayres; Writing by Bruno Federowski Editing by Tom Brown

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