Guatemalan Deficit Doubles
In the past 3 years, the fiscal deficit rose from $ 595 million in 2008 to $ 1,226 million in 2010.
Wednesday, November 10, 2010
The rapid growth of public spending was financed with more debt and bonds. Experts consulted by El Periódico noted that this scenario will force the next administration to push for a tax reform.
The president of the Bank of Guatemala, Edgar Barquin warned that "In a decade, the debt level will be critical."
The deficit of the nonfinancial public sector rose from $ 252.6 million in 2009 to $ 511.7 million at the end of 2010.
The Central American Institute for Fiscal Studies has highlighted the unsustainability of the fiscal deficit in Costa Rica, El Salvador, Guatemala and Honduras.
While up to May Finance revenue grew by 10% interannually, Central Government expenditure increased by 13.1%.
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