The Minister of Finance, José Antonio Ocampointervened yesterday before the joint economic commissions of the Congress of the Republic, at the beginning of the discussion of the project of the General Budget of the Nation for the fiscal term of 2023. In this space, The minister assured that he will seek an addition of $10 billion for next year’s budget.
(Minhacienda suggests to Congress to adjust the norm on the Budget).
“It would be presented with a budget addition next year, depending on the magnitude of the resources that we manage to obtain with the tax reform. We have studied that $10 billion is possible, $8 billion for additional investment, with which at least the investment budget does not decrease on the one hand, and about $2 billion that we need for operating expensesespecially due to the higher inflation that has occurred, which increases salaries and pensions”, said the minister.
Ocampo reiterated that one of the difficulties facing the General Budget is that the project currently being discussed in Congress, No. 88 of 2022 Chamber – 88 of 2022 Senate, was presented by the previous government on July 29, in compliance with the deadlines established by law every year, but that A change in these budget deadlines should be promoted, so that the incoming administration can present a project according to its needs.
“There are some clearly underestimated social programs in the budget, which clearly require a review, as well as the program budget,” said the head of the Treasury portfolio.
(Budget: amount, investment and sources, revisions for 2023).
The Peace programs, to support the fight against hunger, Science and Cultureamong others, would be the sectors that could see a greater amount of resources in the budget if this addition were achieved.
According to the minister, it has been estimated that there may be an additional $6 billion with existing tax resources, and the other $4 billion is distributed among different sources, including the multilateral credits that the national government is obtaining
Regarding the Medium-Term Fiscal Framework, the minister assured that this week he will meet with the Fiscal Rule Committee, and that “there is a different framework, such as less growth next year, which implies that the flexibility provided by the fiscal rule in this matter will also have to be managed”.
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