Brazil Politics: Lula Approves Spending Cuts, Backs Fiscal Rules
Finance Minister Fernando Haddad announced that the government would cut 25.9 billion reais ($4.7 billion) in mandatory expenses, saying President Luiz Inacio Lula da Silva had authorized the move and that the country’s fiscal framework would be respected.
The announcement followed a meeting with Lula on Wednesday night to discuss the budget. The determination, Haddad told reporters, was that the “framework is preserved at all costs,” and the commitment is to comply with complementary public finance laws.