Santo Domingo.-Last night, the Government’s Council of Ministers approved the draft Budget Law for 2025, which amounts to one trillion 484 billion 235 million pesos, as established by the Organic Budget Law, prior to its presentation to the National Congress.
The meeting began at around 6:40 p.m. and ended at 8 p.m. The Minister of the Presidency, José Ignacio Plaza, introduced the Minister of Finance, Jochy Vicente, who explained that the budget for expenses is one trillion 484 billion 235 million pesos, which implies a deficit of 3.1%, practically similar to that projected for this year.
Vicente pointed out that, within the priority items in the budget, several items from last year are repeated, such as “the whole issue of social protection,” which has been allocated around 54 billion pesos for next year. He also mentioned that, due to the international situation of oil and natural gas, around 83 billion pesos have been budgeted for the electricity subsidy.
Additionally, around 10 billion pesos have been allocated for fuel subsidies.
As for infrastructure works, the official highlighted the completion of the Santiago Monorail, with an approximate allocation of 24 billion pesos. In addition, around 11.5 billion pesos are planned for the works on line 2C of the metro.
Vicente pointed out that the main novelty is that this is the first budget that incorporates what is established in the Fiscal Responsibility Law, approved approximately a month ago by President Luis Abinader.
“This law sets a limit on the growth of primary government spending, with the aim of providing certainty and predictability to spending behavior, and reducing debt to no more than 40% of gross domestic product (GDP) by 2035,” the official said.
He concluded that, before the end of October, the deadline established by law, they will be in a position to present the budget to the National Congress.
Third meeting
— Ministers
José Ignacio Paliza stated that this is the twelfth Government Council since President Abinader came to power in 2020, and the third to be held during his second term.
