Brazil government to announce $5.5 billion spending containment, IOF tax hike

SAO PAULO (Reuters) – Brazil’s government is set to announce a spending containment of 31 billion reais ($5.54 billion) and an increase in the IOF tax on financial transactions, Transport Minister Renan Filho said on Thursday.

His remarks at a highway concession auction in Sao Paulo came ahead of the expected release of the government’s bi-monthly revenues and expenses report in Brasilia, with a press conference scheduled to happen right after.

($1 = 5.5990 reais)

(Reporting by Alberto Alerigi Jr.; Writing by Andre Romani and Isabel Teles; Editing by Gabriel Araujo)