July 22, 2019 / 6:02 PM / a month ago

Brazil to freeze additional 1.4 bln reais in 2019 budget

BRASILIA, July 22 (Reuters) - The Brazilian government on Monday announced an additional 1.443 billion reais ($386 million) freeze on spending, as weak economic growth squeezes revenue and threatens government fiscal rules and budget forecasts.

The freeze announced in the Economy Ministry’s bi-monthly spending and revenue report was below the 2.5 billion reais estimate from President Jair Bolsonaro over the weekend, as the government will cover part of its shortfall with 809 million reais from a reserve fund.

$1 = 3.7379 reais Reporting by Jamie McGeever and Marcela Ayres; editing by Grant McCool

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