Brazil readies more stimulus to boost econom

Luciana Otoni – Reuters/NBC News, 12/19/2012

Brazil’s government on Wednesday geared up to prolong stimulus measures as President Dilma Rousseff seeks to revive an economy that remains stagnant despite more than a year of tax breaks, interest rate cuts, and other efforts to jumpstart growth.

Finance Minister Guido Mantega said the new measures, to be detailed later in the day, would extend payroll tax breaks to sectors beyond targeted industries that already benefit from existing ones. The government, he added, will also unveil changes to next year’s IPI industrial tax on automobiles and home appliances.

Mantega said the government in 2013 will “certainly” raise gasoline prices, which will help stem losses at state owned-oil company Petroleo Brasileiro SA , or Petrobras, which needs extra revenue to fund a massive investment program.

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