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Brazil govt revises 2020 primary budget deficit forecast to $97 bln

BRASILIA, May 22 (Reuters) - Brazil's government on Friday revised its official primary budget deficit forecast for this year to 540.5 billion reais ($97.4 billion) from 124.1 billion reais, a result of expected sharp declines in revenue and increased spending from the coronavirus crisis.

In its latest bimonthly revenue and expenditure report, the Economy Ministry lowered its 2020 primary revenue estimate by 111.2 billion reais to 1.21 trillion reais and raised its primary spending forecast by 267.7 bln reais to 1.75 trillion reais.

($1 = 5.55 reais) (Reporting by Marcela Ayres and Jamie McGeever, Editing by Franklin Paul)