Brazil to make cuts in 2013 budget to ensure primary surplus target

SAO PAULO – Brazil's finance minister says this year's budget will be cut to help the country achieve its primary surplus target of 2.3 percent of gross domestic product.

Finance Minister Guido Mantega told the Globo TV network on Friday that the cuts would amount to "less than 15 billion reals ($6.6 billion)."

Mantega said the cuts will not affect investment or social programs.

"Most of the cuts will be made by reducing government expenses such as air fares and rents among other things," he said, adding that details will be announced next week.