The Chief of Cabinet delivered the full Budget Project last night at the Ticket Table (Photo: Franco Fafasuli)
Within the limit set forth in the Financial Administration Law, the Chief of the Cabinet of Ministers presented before the end of September 15 at the Board of Trustees of the Chamber of Deputies of the Nation the “Message No. 0079/2020 and Projects of General Budget Law of the National Administration for the Fiscal Year of the Year 2021 (0092-JGM-2020) Budget and Finance ”with the corresponding elevation note, message, annexes, bill and all the annexed forms with their geographical distribution, jurisdictions and entities.
The following is the full text of the Message, which consists of 205 pages:
As you exclusively anticipated Infobae, a primary fiscal deficit of 3.9% of GDP is forecast, which rises to 4.5% of GDP with the payment of interest on debts, to just over $ 2.2 trillion, according to the full text of the bill in its 23 pages:
As specified in the table of « sources and financial applications », as in 2020 The Central Bank will be responsible for financing the Central Administration more than half of the imbalance, through the projected $ 800,000 million transfer for Property Income, which is how the expected accounting profits from changes in the valuation of its assets are called. external and internal assets; and with the increase in Temporary Advances by another $ 400,000 million.
The detail of the geographical distribution of the cost estimate is contained in the following full text consisting of 661 pages:
In addition, the increase in the efficiency of tax collection is expected, due to the prospect of reactivation of the economy at a rate of 5.5% and the efficiency in the perception and beginning of the collection of the different payment facility plans for part of the taxpayers.
The following is the detail of each item, with all jurisdictions and entities, which consists of 1,930 pages.
The first observations of economic analysts highlight that the Budget of Expenditures and Resources « is unreal », because with the accumulation of arrears in relative prices and the heavy issuance of money, despite the fact that much of it is sterilized with instruments of monetary regulation by the Central Bank; together with the extremely weakened position of foreign currency reserves that led to deepening exchange control and forcing companies to refinance their debts in foreign currency, both Inflation projections as well as exchange rate projections seem severely underestimated.
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