The 2024 National Budget Bill is expected to continue the trend of the past three years: deficit spending and over a trillion (yes, trillion) pesos. At least this is what the Minister of Economy, Planning and Development, Pavel Isa Contreras told reporters late last week.
The deficit is programmed to be about 3% of the Gross Domestic Product. According to Minister Isa Contreras, 2023 will close with a deficit of 3.2% of GDP. 2022 closed at 3.6% of GDP. In other words, this year’s budget will reflect a reduced deficit.
The budget features extensive allotments for roads and highways, housing, and water projects. Regarding just what investments the government is going to make in regard to highways, Minister Isa Contreras told reporters that road improvements such as Duarte Highway between Santiago and Santo Domingo are of vital importance. More and better roads in the new Manzanillo port facility area will bring the Northwest Line into much closer contact with Santiago. Also contemplated are major funds for the new road connecting Pedernales to the nation’s capital.
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18 September 2023