As of May 31, the National Government accumulated a primary deficit of ARS172.41 billion and a financial deficit of ARS395.35 billion, prioritizing spending on social services, which accounted for 69.1% of total expenditure.

These figures are contained in the 2022 Budget Draft Progress Report sent by the Executive Power to the National Congress at the end of June.

The report states that the fiscal and financial measures to alleviate the effects of the pandemic reached a sum equivalent to 6.5% of the Gross Domestic Product (GDP) in 2020, a proportion that would drop to 1.4% this year, with allocations to protect families and specific sectors.

Debt interest for this year is estimated to be equivalent to 1.5% of GDP. Apart from this, the report does not provide projections for 2021 and 2022.

Among the budgetary policy targets for the coming year are the management of the macroeconomy, the development of the country’s infrastructure, the strengthening of production, active social inclusion with a gender perspective, education, health, and public investment.

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