Peruvian government proposes 9% budget increase for 2023 According to Reuters

LIMA – The Peruvian government submitted its 2023 budget plan to the National Assembly on Friday, proposing a 9 percent increase from this year’s original budget to 215 billion soles ($55.93 billion).

Under the proposal, published on the website of the National Assembly, the government estimates economic growth of 3.5% next year, as announced Thursday by the Minister of Economy and Finance, Kurt Burneo.

Burneo says he is planning measures to revive private spending, boost public investment and rebuild investor confidence in the country.

The budget plan also estimates cumulative consumer prices to increase by 3.5% for 2023, much lower than the economy ministry’s 4.9% inflation forecast a day earlier.

Peru, the world’s second-largest producer, sees mining as its main source of financing and the government is budgeting to lower the price of copper by 2023. The industry is regularly subject to opposition from the local community. method, stop or slow down production.

Friday’s budget also estimates an average exchange rate for next year at 3.94 US dollars. As the country faced political turmoil, with President Pedro Castillo thwarted by a wave of corruption allegations, the sol fell to historic lows last October, although it has slowly recovered and on Friday closed up 0.23% to 3.8380/3,841 soles/dollar.

Along with the budget proposal, the government has come up with a public debt strategy for next year, with a plan to issue domestic bonds of up to 20.67 billion yuan.

The government also plans to carry out debt management activities of up to $6 billion through prepayment of obligations, debt swaps or exchanges, buybacks and internal or external ownership issues. .

($1 = 3.8198 soles)

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