BRASILIA, Feb 24 (Reuters) - The Brazilian government is working on a savings plan of around 80 billion reais ($28.17 billion) to meet its fiscal goal this year, a government official told Reuters on Tuesday.
Finance Minister Joaquim Levy told ally lawmakers late on Monday that the government is working on such a plan but “will not make an adjustment of around 80 billion reais only with (budget) cuts,” said the official, who was present at the meeting and asked for anonymity to speak freely.
His comments suggest that the government will aim for a combination of spending cuts and tax increases to reach its primary fiscal surplus goal of 1.2 percent of the gross domestic product.
The finance ministry declined to comment for the story.
$1 = 2.8398 Brazilian reais Reporting by Alonso Soto; Editing by Chizu Nomiyama