LIMA, Aug 22 (NNN-ANDINA) — Economy and Finance Minister Alex Contreras announced that his ministry has approved measures worth more than S/3.8 billion (about US$1.023 billion) for prevention works in the face of the arrival of El Niño Phenomenon, which is characterized by heavy rains and floods.
The announcement was made at a press conference following the Council of Ministers session, in which various measures were approved.
“Regarding El Niño Phenomenon, measures worth more than S/3.8 billion have already been approved,” he told reporters.
“It is a record amount destined for prevention activities, as the Minister of Defense pointed out, and thus we will continue working on the recovery,” he added.
On the other hand, Contreras highlighted that the budget execution at the State level is doing well and making progress.
“It is a record execution at the three levels of government. However, we have deemed it pertinent to take additional steps to improve execution at both the regional and local government levels,” he remarked.
“Every week, the Council of Ministers session discusses the progress in the execution of investment. The Executive Branch’s goal is to execute 100% of the budget allocation, and we are making progress in this direction,” the Economy-Finance sector’s head said.
In this regard, the minister pointed out that he expects to coordinate with different local and regional governments in the following weeks, in order to underpin the country’s recovery.
Contreras affirmed that the Public Sector Budget Bill for the 2024 Fiscal Year prioritizes health, education, agriculture, and interconnectivity.
Moreover, he underscored that the aforementioned public sector budget bill is already being prepared.
“It is a budget that includes the priorities of the Government. The Prime Minister and the President of the Republic said it: water and sanitation, health, education, agriculture, and interconnectivity are the main priorities of this budget,” Contreras remarked.
“This bill is expected to be approved this week in an Extraordinary Council of Ministers session. We are coordinating the details; but, it would be sent to Congress precisely together with the Multiannual Macroeconomic Framework,” the minister stated. “More details will be released next week,” he added.
It should be noted that Law No. 31638 or Public Sector Budget Law for Fiscal Year 2023 amounted to S/214.790 billion (about US$57.863 billion), 9% higher (S/17.788 billion or US$4.792 billion) than the Opening Institutional Budget (PIA) for 2022.
In this regard, the Ministry of Economy and Finance (MEF) indicated that the aforementioned increase in the public sector budget is the highest in the last five years. — NNN-ANDINA
