By Rogerio Jelmayer

SÃO PAULO--A Brazilian court lifted a suspension of a public auction of 4G wireless airwaves, providing oxygen for the government in its effort to meet its fiscal targets this year.

The Brazilian Federal Court of Accounts, known as TCU, late Wednesday gave the green light for the country's telecommunications regulator, Anatel, to go ahead with the auction process. Court of Accounts members are appointed by Congress and the president to oversee government spending.

Earlier this month, TCU suspended the process, asking for more information from Anatel about the auction. TCU lifted the suspension after Anatel provided the information, it said.

The Brazilian government, which before the suspension was expecting to hold this auction in September, now is rushing to still hold the auction this year.

The government plans to raise about 8 billion Brazilian reais ($3.5 billion) and use the proceeds to strengthen its books. With the economy slowing and growth in tax revenue eroding, Brasilia in recent years has relied on extraordinary events, such as sales of oil leases, to bolster its accounts.

The goal is to end 2014 with a central government primary budget surplus of 80.8 billion reais, but the country's finances are well off that pace. In the first six months of the year, the central government, including the central bank and social security system, had a surplus of 17.2 billion reais--half the size of the surplus in the same period a year earlier. The primary surplus or deficit is the budget balance excluding interest costs.

The 4G auctions hold high interest for Brazil's main telecom companies--Spain's Telefonica SA (TEF), known as Vivo; TIM Participacoes (TSU, TIMP3.BR), which is the local unit of Telecom Italia SpA (TIT.MI); Claro, the local unit of Mexico's America Movil SAB (AMX, AMX.MX); and local company Oi SA (OIBR4.BR).

Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com

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