government

Budget proposal expected

The MEF is expected to present an $8.5 billion spending plan to the Asamblea Nacional sometime this week.

The Ministro de Economía y Finanzas Héctor Alexander is expected to present the government's 2009 proposed budget to the Asamblea Nacional this week.

This coincides with the official schedule of the Dirección de Presupuesto de la Nación, which set today as the beginning of the budget discussions.

Government sources said that Alexander plans to submit the budget for consideration by the Cabinet Council today, and then before the plenary of the Assemblea either this afternoon or Tuesday.

Alexander did not return phone calls placed by La Prensa seeking comment about the proposed budget.

An official with the ministry said that the proposed 2009 budget reflects the economic growth of the country, and is expected to total more than $8.5 billion.

Furthermore, the budget is expected to earmark funds to comply with the Concertación Nacional, which oversees social programs, as well as reduce the national debt. This would be in accordance with the Ley de Responsabilidad Social Fiscal which was passed earlier this year.

The current budget is just over $8 billion.

The 2009 budget will govern spending for the remainder of President Martín Torrijos’ time in office, as well as the first seven months of whomever is picked to succeed him.