April 7, 2017 / 6:18 PM / 4 months ago

Brazil widens budget deficit target for 2018

BRASILIA, April 7 (Reuters) - The Brazilian government on Friday widened its 2018 fiscal deficit target to 129 billion reais ($41.05 billion) from 79 billion reais, highlighting the challenges President Michel Temer faces in rebalancing the country's depleted public accounts.

Two years of deep recession have dragged down tax revenues and eroded the government finances to the point that Brazil lost its coveted investment grade rating. ($1 = 3.1425 Brazilian reais) (Reporting by Marcela Ayres and Lisandra Paraguassu; Writing by Alonso Soto; Editing by James Dalgleish)

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