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Weekly Report - 28 May 2015 (WR-15-21)
BRAZIL: Rousseff unveils budget cuts
“Mexico has brought me some luck,” President Dilma Rousseff said on 26 May, while on a state visit to the second-largest economy in Latin America. She was referring to the Brazilian senate’s decision to approve, by a narrow margin, the first of a package of spending cuts, deemed essential to restore the confidence of international investors in the Brazilian economy and reach the finance ministry’s target of a primary budget surplus of 1.2% this year. On 22 May Rousseff’s government announced that it would cut a total of R$69.9bn (US$22.5bn) from the 2015 annual budget. But to do this, Rousseff will need a compliant congress, and some more luck.
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