Ministers of the Executive Power met at the Government Palace to learn about the preliminary draft of the General Budget of the Nation for the year 2023, which will be delivered to Congress this Thursday, September 1. The Minister of Finance, Oscar Llamosas, and the Chief of the Civil Cabinet, Hernán Huttemann, presented the main guidelines.
The Ministry of Finance and the Civil Cabinet of the Presidency were established as channels for queries and concerns for the heads of the institutions dependent on the Executive. The Minister of Finance indicated that the budget will have a small increase in relation to the PGN approved for this year, which was Gs. 96.78 billion (around US $14,232 million) for the areas of education, health and public forces.
The PGN 2023 includes the request to increase the fiscal deficit limit to 2.3% of the Gross Domestic Product (GDP). In 2021 the deficit was 4% and in 2022 it was 3%.
As of the covid-19 pandemic in 2020, credits were used to finance the Emergency Law and other expenses, which resulted in a 6% deficit. The Treasury’s objective is to gradually return to the 1.5% deficit limit, in accordance with the Fiscal Responsibility Law.
