Brazil government will be ready to announce fiscal package this week, says finance minister

BRASILIA (Reuters) – Brazilian Finance Minister Fernando Haddad said a fiscal package with spending cut measures was finalized in a meeting with President Luiz Inacio Lula da Silva on Monday, adding the government will be ready to announce the details this week.

Speaking to reporters in Brasilia, Haddad said the last step remaining before publicly announcing the package’s measures would be discussing it with leaders in Congress.

Expectations regarding the package have been driving volatility in trading of the Brazilian real in the last few weeks, as investors wait to see if the measures would address concerns over Brazil’s fiscal stability.

“(The announcement) is now dependent on the presidential palace getting in touch with the Senate and the lower house,” Haddad said, adding measures already in Congress could be added to the deal.

Haddad confirmed that he still believes the package could be approved by Congress this year.