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Fiscal deficit for 2014 was RD$79.5 billion

SANTO DOMINGO. Officially, 2014 closed with a fiscal deficit of RD$79.484 billion, which represents 90.7% of the amount estimated at the beginning of that year (RD$77.70 9 billion) and 109.7% of the amount which resulted from the modification of the budget approved by the national Congress on 9 December 2014.

According to the report on the State of Collections and Investment of the Income, corresponding to the fiscal year 2014, this latest number on the deficit is RD$64.2 billion, which points toward the government managing to register a goal on the fiscal deficit much less than what was really achieved.

In his cover letter regarding this legislative proposal, President Danilo Medina, explained that they were including changes in the credit operations, “without this implying an increase in the net total financing approved in the current budget, because the new operations proposed substitutes financing contemplated in the General Budget of the State for 2014.”

Nevertheless although at the close of the year, the net financing of the budget was less than what was estimated in the formulation of the budget at the beginning of 2014, something different occurred in relation to the gross financing (which does not discount the paid debt).

The total of the financial sources amounted to RD$194.0 billion, which represents 102.5% of the amount originally approved by the Congress (exceeding by RD$4.7 4 billion).

In relation to the current amount after the budgetary modification of November 2014, what was carried out represents 110.3%, which reflects an excess of RD$18.1 billion.

The Government support itself with more debt within a context in which the goal regarding the fiscal income was reached.

Income: an unreached goal

The regular income of the Government amounted to RD$418.5 billion. This amount was equal to 95.97% of the current estimate at the close of the year, which resulted in an under-execution of RD$17.5 billion. In this, the fact that they did not achieve the goal of tax income significantly affected this amount; at the close of the year the current amount was RD$401.7 billion. The deficit could have been greater, but the Government received RD$3.4 billion by way of the Unique Account of the Treasury, not contemplated in the 2014 budget.

Source: DiarioLibre

March 30, 2014

Category: DR News |

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