Brazil Freezes Government Spending for Last Month of Year

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The federal government in Brazil announced a freeze on all spending except earmarked expenditures, for the last month of the year, which would mean savings of nearly R$11.9 billion in December. Officials say that there is no more money to spend unless Congress approves a bill which alters the 2015 budget target.

Dyogo Oliveira, executive secretary of the Ministry of Planning, said that ministries still have resources for the first week of December, but not for later on. According to officials, because of the situation with the country . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?