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Sovereign Wealth Funds Briefing - Categorized | Financials, Reserve Currencies

Cash-Strapped Brazil Taps into Sovereign Wealth Fund

Posted on 28 December 2015

Brazil dipped into its $620 million sovereign wealth fund on Tuesday as the government struggles to shore up public accounts that have been hit by the deepest economic recession in 25 years.
The government withdrew 855 million reais ($216 million) from the fund, or about one-third of its assets, as part of a strategy to boost public coffers, the Finance Ministry said in a statement Wednesday. The decision was made “in a context of economic contraction with a sharp drop in fiscal revenue and difficulties to cut mandatory expenses,” the statement read………………………………………..Full Article: Source


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