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Financials

Brazil govt proposes 40 bln reais transfer to states

BRASILIA, April 14 (Reuters) - Brazil’s government on Tuesday proposed the direct transfer of 40 billion reais ($7.7 billion) to states and municipalities to help compensate them for the loss of revenue due to the coronavirus crisis, a counter proposal to an 80 billion reais aid package approved by the lower house of Congress on Monday.

Waldery Rodrigues, special secretary to the Economy Ministry, told a press conference in Brasilia that government spending so far fighting the crisis totals 300 billion reais, three times this year’s total planned discretionary spending, and that support for local authorities stands at 127.3 billion reais. (Reporting by Marcela Ayres Writing by Jamie McGeever Editing by Chris Reese)

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