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Brazil has dramatically lowered its fiscal1 revenue projections2 for the remainder of this year, as well as next year.
巴西大幅削减今年余下时间以及明年的财政收入预测。
A slowdown in import taxes is being cited as the main factor.
At the same time, the Brazilian government has also announced new spending cuts to underscore its commitment to austerity amid the steep economic downturn currently gripping the country.
Brazilian authorities are still anticipating a surplus of some 2.7 billion US dollars this year.
The originally budgeted goal is about 20 billion US dollars.
Despite this, its widely-expected global credit rating agencies are poised3 to downgrade Brazil's rating.
Brazilian Finance Minister Joaquim Levy4 says their current slowdown in revenue growth shouldn't affect their overall growth targets for the year.
"We know the announcement of new spending cuts is a significant change and it is happening because of the evolution of the revenues, which we think is a temporary phenomenon, a phenomenon that's the result of a series of factors, which should make it possible to meet this year's goals."
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