The Minister of Economy, Luis Caputo, managed to confirm in fiscal surplus, Aided by the extraordinary fiscal collection and the support of the adjustment of the expense in interest of the debt, which would be making the difference.
These are accrued data of the National Public Administration (APN) of the first month disseminated by Integrated Financial Administration System (SIDIF) of the Ministry of Economy. In principle, the budget execution accrued of the APN left a Primary fiscal surplus of $ 3.68 billion and a financial one of $ 3.57 billion, which constitutes a true historical record.
According to the Argentine Association of the Public Financial and Financial Administration (ASAP) at the beginning of 2025, the Government maintained the tonic of the adjustment of the expenses, but if the composition of the same is analyzed in detail, the composition of the same, Most of the savings was achieved by the reduction of the interest payment of the debt.
“In January the total expenditure of the National Administration (accrued base) decreased by 14.2% year -on -year adjusted by inflation. This contraction is explained by the drastic decrease in interest spending (95.4%), which is a consequence of the change in the payment schedule of public titles and loans, ”says ASAP.
The report indicates that “If these payments are excluded, an increase of 20.8% of primary expenditure compared to January 2024 is verifiedwhen the first full month of the new government passed, and still many of the preceding public policies, reflected in the budget programs, were paralyzed or in the process of review. ”
That is, the primary expense rises at the beginning of 2025 because eThe last year Javier Milei ordered to stop all kinds of payments. Beyond that, January is usually a month of lower execution and therefore, the final result improves.
The concepts with greater weight in the total expenditure presented disparate behaviors. Social security benefits continued with the growth observed in the previous months (34.6%), product of the recovery of retirement and pensions.
The remuneration presented a 4.3% dropless than the one observed in previous months. Finally, current transfers grew by 13% while Transfers to universities did it by 10.6%. Although the capital expenditure increased by 4.4% adjusted by the price index, the level of execution observed is $ 49,397 million, considerably below the monthly average of $ 185,000 million that was verified in 2024, the year where the public investment was drastically reduced.
On the other hand, According to ASAP, the positive financial result “represented 33.6% of the total income, while, in the first month of 2024 it was equivalent to 21.7% which implies an improvement of 11.9 percentage points ”.
“Continuing the evidence evidence for 2024, With the exception of the month of August, in January 2025 the gap between the interannual variation rates of income And of the total expenses remained positive, with the first evolving above the expenditures, ”concludes the study.
Source: Ambito
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