Brazilian government announces public spending cuts of nearly US$12 billion

teleSUR English

Brazil's Finance Minister Fernando Haddad announced Wednesday cuts in public spending that will allow the government to save 70 billion reais ($11.8 billion / 11.16 billion euros) over the next two years. teleSUR

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00:00The Mexican government confirmed that it will make cuts in public spending to generate savings,

00:04most of which will come from a reform of the military pension system.

00:09The Minister of Finance, Fernando Haddad, said that the measure will allow savings of

00:1470 billion real equivalent to nearly 12 billion dollars over the next two years.

00:20In the same instruction, the ministerial office confirms that the income tax exemption for

00:25those who earn up to 5,000 real or slightly more than 800 dollars.

00:31According to Minister Haddad, these measures help to fight privileges incompatible with

00:36the principle of equality and part of the objective is to guarantee that all civil servants

00:42are subject to the constitutional principle.

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