President Salvador Boukere is expected to present a national budget for 2025 without a planned deficit.
The budget deficit for 2024 is US$338 million, compared to a deficit of US$1.2 billion when President Boukere took office in 2019.
In August, the International Monetary Fund (IMF) announced various consultations with the Salvadoran authorities and progress in negotiations on an IMF assistance program.
President NaĂŻve Boukere said he would present a deficit-free budget for 2025 to parliament.
On September 30, for the first time in decades, I announce that I will present to Congress a full budget without a single cent of debt for current expenditures, Boukere said during celebrations marking the 203rd anniversary of El Salvador's independence. El Salvador will no longer spend more than its annual output. It will no longer borrow to pay the interest on inherited debts, but will pay from its own production.
not only will we have more freedom and security, but we will become financially independent and self-sufficient.
He added. The new generation will inherit an economically prosperous country.
Herson Posada, El Salvador's finance minister, said that for the first time in decades, a budget will be passed without a single cent of debt, internal or external, Diario El Salvador reported. Buceré has an overwhelming majority in the Legislative Assembly, with 57 of the 60 seats held by members of his party, New Ideas (54 seats) and the Alliance Party (three seats).
According to official documents released by parliament, the budget deficit for 2024 is 338 million U. S. dollars, with total expenditures of 9.1 billion U. S. dollars. In 2019, when Buceré took office, the budget deficit was US$1.2 billion.
El Salvador introduced the US dollar as legal tender in 2001, which means it cannot print money to finance its spending. The country is known to have introduced #bitcoin as legal tender in 2021.
Last month, Mr.
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