Nicolas Perez - Oficina de Presupuesto del Congreso

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – JUNE 2023

by Nicolas Perez | Jul 14, 2023 | Budget Execution

Despite the decrease in revenues, in the first six months of the year the National Government recorded a real drop in the economic, primary, and financial deficits.

The financial deficit for the first half of the year was 14.0% lower in real terms than in the same period of the previous year.
The primary deficit -which does not include interest payments- fell by 26.2% in real terms.
Revenues contracted by 5.3% YoY in real terms and total expenses by 7.8% YoY.
Tax revenues fell 10.1% YoY, partially offset by a 1.6% YoY improvement in social security revenues. However, in June, for the first time in the year, social security contributions fell compared to the same month of last year.
Primary expenditures fell 9.8% YoY in the accumulated to June, a contraction led by the reduction in energy subsidies (27.3% YoY), in social benefits (10.0% YoY) and in transfers to provinces (25.3% YoY).
Personnel expenses (8.0% YoY), transfers to universities (8.0% YoY) and subsidies to the transportation sector (15.1%) expanded in the comparison between both half-year periods.
On a month-on-month basis, primary expenditures showed twelve months of consecutive declines.
Debt interest payments rose 18.3% YoY.
The Progresar student grants and the Acompañar program showed positive real variations, unlike other large social programs.

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – JUNE 2023

PUBLIC DEBT OPERATIONS – JUNE 2023

by Nicolas Perez | Jul 13, 2023 | Public Debt, Public Debt Operations

Government securities for ARS9.017,678 billion were placed in three auctions.
A total of USD2.676 billion in amortizations were paid to the IMF.
There were net placements of BCRA (Central Bank) Temporary Advances for ARS688 Billion, increasing the stock to ARS4.15 trillion.

PUBLIC DEBT OPERATIONS - JUNE 2023

FISCAL IMPACT OF THE PRELIMINRY BILL ON EQUAL PARENTAL LEAVE

by Nicolas Perez | Jun 22, 2023 | Cost Estimates

The purpose of the preliminary Bill on Equal Parental Leaves is to introduce amendments regarding leaves of absence for people working under employment relationship in the formal sector, covered by the Labor Contract Law 20,744, Law 26,844 on the Special Regime of Labor Contract for the Personnel of Private Houses, and Law 26,727 of the Agricultural Work Regime, as well as to make amendments to Law 24.241 of the Integrated System of Retirement and Pensions and to the regulations related to Social Security, Prepaid Health Insurance Companies and the personnel of the National Public Administration.

The proposed amendments would generate a fiscal impact resulting from the parental allowances either due to the need to cover more leave days with respect to the current regulation or due to the creation of new leaves of absence not previously provided for.

The fiscal impact of the legislative proposal was estimated at an approximate expenditure of ARS75.604 billion, which is equivalent to 0.045% of GDP for 2023.

PUBLIC DEBT OPERATIONS – MAY 2023

by Nicolas Perez | Jun 21, 2023 | Public Debt, Public Debt Operations

Government securities for ARS1,569.026 billion were placed in two auctions.
Interest for USD743 million was paid to the IMF.
There were net placements of BCRA Temporary Advances for ARS440 billion, the stock increased to ARS3.46 trillion.
Between June and December, maturities are estimated for the equivalent of USD44.2 billion.

TRAINING ON GENDER ISSUES

by Nicolas Perez | Jun 21, 2023 | Activities

The Argentine Congressional Budget Office (OPC) participated in the fifth edition of the Gender-Responsive Budgeting (GRB) program offered by the Parliamentary Training Institute of the Honorable Chamber of Deputies of the Nation.

On Wednesday 21, María Pía Buigiafreddo, analyst of the Directorate of Studies, Analysis and Evaluation of the OPC, gave the third of the four consecutive weekly classes of the program, which was held in virtual modality and was referred to the budget execution.

Up to June, the National Government executed 36% of the budgeted expenditure in this area, basically through cash transfers to women, which accounts for 98% of GRB resources, as she pointed out.

The data summarized during this training are included in the respective monitor published on the OPC’s web page, which is updated periodically.

The training program, scheduled in consecutive weekly meetings, focused on human rights, budget design and diversity.

ANALYSIS OF THE NATIONAL GOVERNMENT BUDGET EXECUTION – MAY 2023

by Nicolas Perez | Jun 15, 2023 | Budget Execution

Despite the decrease in revenues, in the first five months of the year the National Government recorded a real drop in the economic, primary, and financial deficits.

The financial deficit was 10.0% lower than in the same period of the previous year.
The primary deficit – which does not include interest payments – decreased 27.7%.
Revenues contracted by 6.7% YoY in real terms and expenditures by 7.5% YoY.
Tax revenues fell 12.3% YoY, partially offset by a 2.2% YoY improvement in social security contributions.
Primary expenditures fell 9.9% YoY in the cumulative to May, a contraction led by the reduction in family allowances (30.0% YoY) and energy subsidies (20.0% YoY).
When comparing month to month of each year, primary expenditures recorded eleven consecutive months of declines.
• Debt interest payments rose 17.8% YoY.
The following budget appropriations showed high execution percentages: Alimentar benefit (62.8%), Potenciar Trabajo (51.6%) and Progresar student grants (44.4%).