He National Public Sector registered a primary surplus of $625,034 million and a financial surplus of $276,638 in March million, according to the Ministry of Economy. In this way, in the first quarter achieved a positive financial balance of $1.3 billion equivalent to 0.2% of GDP.
On the other hand, andBetween January and March it obtained a favorable primary cash balance of about $3.9 billion, half of it obtained in January, a month of low execution in which the national government made almost no expenses.
By announcing these data on the national network, the president Javier Milei consigned that the result achieved was through mechanisms that are “economically sustainable” by rejecting the warnings of economists who consider that the mechanism used until now to lower expenses cannot be prolonged over time.
The president indicated that the data were not the product of a liquefaction of expenses. Although there were payment postponements. For example, the National Public Administration presents a floating debt of $1.5 trillion at the end of the 1st quarterwhich is equivalent to the entire financial surplus.
On the other hand, the recent series indicates that lSurplus margins are becoming smaller: In January they were $2 trillion, in February $1.3 trillion and in March $625,000 million. That is to say, the result in favor is being reduced by half compared to the previous month.
“The SPN recorded three consecutive months of financial surplus for the first time since 2008, accumulating a surplus after interest equivalent to approximately 0.2% of GDP in the first quarter of 2024 (primary surplus of approximately 0.6% of GDP),” Economía detailed in a statement.
The official information states that “in this waye continues to consolidate fiscal prudence, even exceeding the fiscal goal agreed with the IMF in the Extended Facilities Agreement for the first quarter.”
According to Economía, the March total revenues reached $6.1 billion with an increase of 254.5% year-on-year. Regarding tax collection, it also showed a growth of 254.5%.
On the expense side, the primary amount reached $5.5 billion, with an increase of 177% year-on-year. Regarding Social Security benefits, they amounted to $1.9 billion (164.9%).
”This dynamic se explains the impact of the mobility formula approved by Law No. 27,609. It is necessary to mention that this concept does not include the reinforcement of pension income (more than $335,263 million),” Economía clarified.
On the other hand, it is noted that “theCurrent transfers to the public sector made in March reached $254,963 million (94.5%)among which financial assistance to universities stands out for $185,266 million (217.3%).”
On the other hand, it was reported that “Economic subsidies grew by $296,879 million (206.8%), where energy subsidies increased by $213,366 million (223.3%)while those allocated to transportation increased by +$60,409 million (138.4% yoy).”
Source: Ambito
