Brazil Finance Minister Fernando Haddad unveiled a long-sought plan to cut 70 billion reais ($11.8 billion) from public spending through 2026 as investors’ fiscal concerns sink assets from the currency to stocks.

Brazil’s inflation picked up much more than expected in early November, adding urgency to government plans to cut swelling public spending that is pushing cost-of-living increases above target.Most Read from BloombergNew York City’s ‘Living Breakwaters’ Brace for Stormier SeasIn Kansas City,

Brazilian Finance Minister Fernando Haddad will make a televised address to the nation at 8:30 pm (2330 GMT) local time on Wednesday, the ministry said, adding he will talk about "efficient government".

Brazil President Luiz Inacio Lula da Silva wants to present a plan for income tax exemptions alongside public spending cuts, as investors grow increasingly worried over the nation’s fiscal policy.