BRIEFS. Economy

Ministry of the presidency’s budget slashed

Next year’s budget for the Ministry of the Presidency will be $67.4 million less than this year, reported Presidency Minister Dilio Arcia during a meeting of the Budget Committee of the National Assembly.

The Ministry of Economy and Finances (MEF) recommended allocating $176.8 million for the Ministry of the Presidency in 2009. This year, the budget was $244.2 million.

Arcia explained that 63% of the funds, a sum of $111 million, will likely be set aside for investment, while 37 percent will be destined for operational costs.

The ministry had originally asked the MEF for a budget of $234.3 million.

The Social Investment Fund, a branch of the Ministry of the Presidency, will receive $29.9 million of the budget next year, or about $18 million less than in 2008, when it was approved $47.7 million.

According to Arcia, the ministry employs a staff of 3,300, both temporary and permanent, some of which belong to the Institutional Protection Service.