BRASILIA, July 30 (Reuters) - Brazil will further reduce the amount it spends on education by up to 2 billion reais ($593.4 million) this year as part of a round of budget cuts announced last week, two government sources with knowledge of the situation said on Thursday.
In May the government vowed to cut 70 billion reais in expenditures to restore its credibility with investors and ward off a sovereign credit downgrade. Education accounted for nearly 9.5 billion reais of those cuts.
Last week Finance Minister Joaquim Levy announced additional budget cuts of 8.6 billion reais for 2015. The government has not yet disclosed where those savings will come from.
Press representatives at the planning ministry declined to provide comment until after the government’s official announcement, expected later in the day, while representatives at the education ministry were not immediately available.
$1 = 3.37 Brazilian reais Reporting by Luciana Otoni; Writing by Asher Levine, Editing by Franklin Paul