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MeneameThe budget cuts to be announced by the Brazilian government later this year will not affect infrastructure works planned under the country's PAC growth acceleration program, finance minister Guido Mantega has said.
Following President Dilma Rousseff's first cabinet meeting of 2012, Mantega said the government will announce cuts in February to meet its planned target of a 140bn-real (US$79.3bn) budget surplus before interest, state media reported.
"We will give continuity to the change in the combination of fiscal and monetary policy we implemented in 2011, in which monetary policy can be more flexible and the fiscal policy more rigorous. We will continue without sacrificing investment in social programs," Mantega said.
This year's budget envisages 40bn reais for works under PAC and another 40bn reais for the Minha Casa, Minha Vida program, which includes housing and sanitation works. Federal savings bank Caixa Econômica Federal (CEF) will receive extra funding to support the housing program.
The government also expects to spend 33bn reais by 2013 on works to prepare for the 2014 World Cup, according to Mantega, who said the country aims to see GDP growth of 4-5% this year.
"Investment is one of the most important ways for Brazil to maintain balanced growth," the minister added.
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