March 18, 2020 / 6:32 PM / 21 days ago

Brazil Congress approving state of emergency, govt suspending deficit target can help - Economy Minister

BRASILIA, March 18 (Reuters) - Brazil’s Economy Minister Paulo Guedes on Wednesday urged Congress to declare a state of emergency, which will free up the government to ramp up spending to support the economy which is being battered by the coronavirus outbreak.

Speaking alongside President Jair Bolsonaro and cabinet colleagues in Brasilia, Guedes also said suspending the government’s deficit goals for this year would help prevent budget freezes of up to 40 billion reais ($7.7 billion) and added that airlines’ debts will be renegotiated. (Reporting by Jamie McGeever Editing by Chizu Nomiyama)

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