Financial crisis deepened
18/09/2013 00:00
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The government financial crisis keeps deepening with a fast pace. Recent
official data from the Ministry of Finances show that the government
collected 35 million USD less than last August, with a drop of 12%.
Numbers show that the incomes during August were 48 million less, while the total in the first eight months is 163 million USD less than the money they had decided to collect through taxes.
Data show that the government was unable to cover this strong drop of the incomes from taxes by cutting spending, although every new public investment was interrupted. The other spending of the budget have still increased, making the budget deficit to go over 54 billion ALL.
For the remaining four months of the year, including September, the new government has only 6.5 billion ALL of space in a budget deficit that is 9 times smaller than the one consumed in the first eight months by the outgoing government. Certainly that the new government has not announced yet what they will do with the budget. A new financial law is expected in October that is expected to regulate the indicators that have gone off the legal limit.
But it remains to be seen if the government will chose to cut spending or increase the debt. What numbers show is that the government is entering in a financial crisis and the budget indicators are deteriorating quickly.
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