Joaquim Levy and Nelson BarbosaImage copyrightAFP
Image captionMr Levy and Mr Barbosa’s announcement was long-awaited

The Brazilian government has announced a $7bn (£4.5bn) package of spending cuts aimed at plugging a huge black hole in the country’s 2016 budget.

At the same time, it unveiled plans to raise another $8bn by bringing back an unpopular financial transactions tax that was abolished eight years ago. Goedkoopste Nike Air Max 2017 Kole Calhoun Baseball Jersey The government is struggling to pull the country’s economy out of recession.

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  • Asics Pas Cher It has also been hurt by the slump in President Dilma Rousseff’s public approval rating, which is now just 8%. nike air max 1 bordowe The measures were announced at a news conference by Finance Minister Joaquim Levy and Planning Minister Nelson Barbosa. Air Max Thea They include reducing the number of government ministries from 39 to 29, as well as cutting 1,000 public-sector jobs and freezing the pay of remaining state employees. Russell Wilson College Jerseys

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    Mr Levy said the axe would fall on some big public infrastructure projects. Air Jordan For Sale Alfred Morris Redskins Jerseys But projects designed to benefit poorer Brazilians, such as the social housing programme Minha Casa Minha Vida (My House My Life), will also be hit. College Jerseys Store

    Dilma RousseffImage copyrightGetty Images
    Image captionMs Rousseff’s popularity has slumped to just 8%

    Analysts were unimpressed with the package, saying it was unlikely to do much to restore the public finances to health. nike air max 2015 indonesia new balance femme 996 bleu et or “We’re left with the impression that the government is now scraping the barrel in an effort to plug its budget hole,” said Neil Shearing, chief emerging markets economist at Capital Economics. new balance 247 femme “Indeed, the latest measures reveal more about the impotence of the government in being able to constrain spending than anything else.” Brazil’s economy has been depressed by the end of the global commodities boom, while a corruption scandal centred on state oil giant Petrobras has damaged investor confidence. 2016 LBJ Shoes President Rousseff’s critics also accuse her of policy mistakes during her first term, including interventions in the energy market and a failure to bring inflation under control.

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  • But many supporters of her left-wing Workers’ Party have revolted against her newfound attempts at austerity, with the MST land-reform movement accusing her of having adopted a “neo-liberal” programme at odds with her election promises. adidas outlet shop Goedkoop Nike Air Max 2017 Last week, Brazil lost its investment-grade credit rating following a downgrade by Standard & Poor’s to “junk” status. new balance 577 marron homme The US rating agency said mounting political turmoil and the difficulties faced by President Dilma Rousseff’s government in tackling growing debt was behind the decision.

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