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Brazil unveils cuts as IMF urges fiscal discipline

IMF Managing Director Christine Lagarde delivers a speech during the XVII Annual Seminar of aims for inflation at the Central Bank in Rio de Janeiro on May 22, 2015The IMF urged Brazil to get its fiscal house in order to emerge from five years of low growth as South America’s largest economy Friday unveiled a package of budget cuts in a move to kickstart a recovery. Brazil has lost ground since a period of high growth largely fueled by Chinese-led demand for commodities came to an end and the International Monetary Fund (IMF) forecasts GDP will contract by around 1.0 percent this year. The downturn has forced leftist President Dilma Rousseff to agree to a measure of austerity, while promising to protect social programs that have lifted tens of millions out of poverty over the past decade.

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