Article 28 of the Organic Law of Financial Administration of the State establishes that it is the responsibility of the Minister of Finance to prepare the Budgetary Policy, also stipulating that the process of formulation of the governmental budget begins when the Council of Ministers approves the Budgetary Policy.

The Public Sector Budget is prepared on the basis of the Budgetary Policy, which contains the guidelines that orient the formulation of the Budget, based on the estimated revenues and expenditures expected to be executed during the year, in order to maintain a balanced budget.

The Legislative Plenary, which according to Article 131 of the Constitution of the Republic is responsible for decreeing the budget of the public administration, last year approved the amount allocated for the 2023 budget, which amounts to US$8,902.7 million, with a growth of US$268.0 million, with respect to 2022, equivalent to a 3.2% inter-annual growth.

The 2023 budget was allocated for public investment, education, health and security with a responsible vision of public finances, as the budget for the Ministry of Education was set at US$1,501.8 million; while Public Health US$1,131.2 million. In addition, Public Works was allocated US$679.0 million and between the Ministry of Security and the Ministry of Defense another US$838.7 million was added.

Translated by: A.M