The National Public Administration (APN) would have registered in March a cash base financial deficit of about $239,310 million while I would still maintain a surplus of $159,001 million. The numbers are similar to those recorded in February and anticipate the problems that the Government may have in sustaining the fiscal adjustment without important changes supported by Congress.
In accordance with data from the Open Budget site, last month Money inflows of $4.9 billion were recorded, expenses of $4.7 billion were paid and, as stated Corrientes senator from Unión por la Patria Martín Barrionuevo, “spending is growing and income is stagnating.”
“In favor, the export duties of the coarse harvest are coming and they passed interest for next year,” he said. the legislator, who keeps a monthly control of the so-called “cash base” of the APN.
It is to be remembered that The APN does not include the entire National Public Sector and, therefore, at the end of the general count, it may have different data, as happened last month.
The estimates of Barrionuevo, who is also an economist, indicate that Also in the accrual (when the payment obligation is generated) there was a deficit.
In that case, he estimated a primary red of $321,236 million and another financial of $619,175 as a product of resources for $4.9 billion and expenses for $5.2 billion. The difference of about $500,000 with what was paid, Indeed, it would be floating debt.
Beyond these partial data, the Government affirms that March cash base SPN numbers are going to close with positive data but tighter than in January and February. But partial information shows that the sharp drop in tax collection last month, which reached 16%, is going to be very difficult to compensate with cutting and liquefaction of expenses, as has been done until now.
In January the SPN recorded a primary cash surplus of $2 billion, with a tax collection that was slightly positive respect for the same month last year. In February, was $1.2 billion with taxes that They fell about 3 points in real terms.
In the third month of the year, the Government maintained the line of hard adjustment in spending. For example, money transfers to provinces outside of the co-participation decreased 82%.
ASAP: The accrual did not do well either
According to the Argentine Association of Budget and Public Finance (ASAP), March was the first month in which there was a primary and accrued financial deficit, despite a real drop in total expenses of 42.9%.
For ASAP, the primary red (not counting debt services) was last month of $15,841 million, 97.8% lower than 12 months ago, while the financial amount was $310,651 million65.2% less than in the same month last year.
According to the entity, total income for March was $5.3 billion, lower than total expenses of $5.6 billion.
Anyway, the quarterly accumulated remains favorablesince it shows primary and financial surpluses of $3,484,691 million and $728,152 million, respectively.
Source: Ambito
