budget

Anadolu Agency

SÃO PAULO — Brazil will cut its 2015 budget by a historic 69.9 billion Brazilian reais ($23 billion) to ensure the government hits its fiscal targets this year, planning minister Nelson Barbosa announced Friday.

The government also said the austerity measures, the biggest spending freeze in the country’s history, would act as a “first step” to returning Brazil to economic growth.

Barbosa said 38 percent (25.7 billion reais) of savings would come from cuts to the government’s Growth Acceleration Program – the ruling government’s flagship program funding new infrastructure projects.

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