Following a cabinet meeting on Friday, 26 September 2014, the Presidency announced that it would submit the 2015 National Budget to Congress for RD$630.93 billion. This is RD$17.80 billion more than the budget for 2014.
The ruling PLD party has a large congressional majority, including 31 of 32 senators in the Senate, where the bill will be sent first.
During Friday’s cabinet presentation, Minister of Hacienda Simon Lizardo said that the government expects revenues to be RD$455.43 billion, while spending will be RD$529.3 billion with RD$175 billion in funding.
Lizardo said that 46% of the budgeted total would be spent on government social programs. He said the budget includes the wage increases announced earlier this year for public employees working in education, health, and under the Ministry of Defense, Interior & Police, representing around 70% of all public employees.
He said the government has budgeted a RD$46-US$ exchange rate, 4% inflation, and 5% growth of GDP, with a 2.4% fiscal deficit. Some RD$79.12 billion in capital investments are planned.
The Ministry of Education will receive the highest allocation with RD$119.36 billion, or 4% of GDP. Ministry of Public Works will be next with RD$24.89 billion, while another RD$4 billion has been separately allocated to building the extension of the second line of the Santo Domingo metro.
Lizardo added that the electricity subsidy would be RD$40.9 billion.