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President Pedro Castillo announced that Council of Ministers approved the draft Law on the budget, financial balance and debt for 2023.
These documents, which will be sent to Congress in the next few hours, prioritize the sectors health and educationHow many resources will be provided?
According to Minister of Labor and Employment Promotion Alejandro Salas, the draft state budget for 2023 is over S$214 billion.
This figure is 9% higher than budget set for this year 2022, i.e. SGD 17 billion more than this year would be delivered.
According to Salas, Minister Curt Burneo explained to the Council of Ministers that the increase was due to the country’s economic recovery and growth “which can always be better.”
In addition, he indicated that resources would be concentrated on projects that could cover spaces infrastructure in areas where there is a big need, especially in the health and education sectors, which always tend to receive the largest transfers.
It should be remembered that this budget bill is based on the Multi-Year Macroeconomic Framework (MMF), a document that contains economic projections for the coming years.
In a recent MMM presentation, Burneo noted that in real terms public sector budget by 2023 it will grow by 4% compared to this year.
“Of course, there will be an increase in the state budget, in real terms, the growth will be 4%, which is not exaggerated. But most importantly, the budget takes into account the maintenance of the approved line of the budget deficit for 2023, which is 2.4%,” Burneo said.
It should be noted that the amount raised FEMand approved by the Executive, may vary.
When will the budget be determined?
After the approval of the draft budget in the Council of Ministers, the Government must submit the initiative to the Legislative Power.
Then, in September, Minister Kurt Burneo was to visit Congress to support bill budget before the plenary and then ministers invited to the Budget Commission to support the resources requested for their sectors.
The initiatives must be discussed by the Congress, which may add other works or projects to be analyzed.
Finally, this 2023 budget law must be approved in the plenary session of Congress before the end of November.
Source: RPP
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.