The Brazilian government has imposed strict spending controls, freezing 19.3 billion reais ($3.3 billion) in spending to ensure compliance with fiscal rules for the year.
The move is higher than the previous figure announced in September, which was 13.3 billion reais, according to the bimonthly Revenue and Expenditure Report issued by the Planning and Finance Ministries.
The government also revised its initial budget deficit forecast for 2024 to 28.7 billion reais, slightly higher than the previous estimate of 28.3 billion reais.
The new forecast remains within the fiscal target of a zero deficit for the year, which allows for flexibility of up to 0.25% of GDP, allowing for a maximum deficit of 28.8 billion reais.
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