2022 Budget amendment Bill with higher deficit but no change in financing needs

DOMINICAN REPUBLIC - In Brief 25 Aug 2022 by Magdalena Lizardo
The government delivered to the National Congress the Budget Amendment Bill for 2022, which increases the deficit to 3.6% of GDP, 0.6 pp higher than initially formulated. The novelty is that, thanks to the increase in tax revenues and savings in interest payments due to liability management operations and exchange appreciation, it will not be necessary to contract additional debt to that originally approved by the National Congress for 2022. The deficit increases by DOP 47.4 b, because of an increase in expenses in DOP 114.b and income in DOP 66.6 b. The increase in subsidies for fuels, food from the basic basket, productive inputs, electricity, and the expansion of social programs explains 68% of the increase in spending.

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