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Head of the Ministry of Economy and Finance (IEF), Alex Alonso Contrerasreported that in the first quarter of 2023 public investment achieved a record performance compared to the same periods in previous years, reaching an accumulated amount of SGD 7,018 million, representing an annual growth of 15.8%.
This cumulative level of execution represents an 11.8% advance over the Modified Institutional Budget (PIM) for this year.
In his presentation during the broadcast of the MEF En Vivo digital space, Minister Contreras noted that this amount is a record, the highest level of execution, well above the average for the past five years and well above the pre-pandemic level. Almost twice as many as before the pandemic.
“For the first time, with new powers in national, regional and local government, public investment rose by 15.8%. Never before has public investment grown as subnational and national governments have changed. He does it at a high pace, and moreover, breaks records. This is what we want to keep. Natural disasters are a complex context, but we are taking steps to manage this situation and avoid paralyzing public investment,” said Alex Alonso Contreras.
additional credit
On a monthly basis, the execution of public investment by the national government rose by 55.0% in March, outpacing growth; while regional government execution increased by 12.2% and local government investment decreased by 27.4%.
minister Alex Alonso Contreras explained that the result achieved in the execution of public investments in the first quarter was due to the measures taken by the Government, which allowed maintaining the level of investments during the period of administration.
Similarly, he elaborated that economic activity is recovering; however, he clarified that both the impact of Cyclone Yaku on the north and center of the country and the emergence of a likely El Niño event could change this scenario.
As for the second quarter of 2023, Minister Contreras said that one of the factors that will allow the level of public investment to be maintained will be the approval of an additional loan, which is currently being discussed in the Congressional Budget Committee.
“This additional loan offer provides more public investment to local governments that have more poverty,” he added.
Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.