Gabriela Núñez, Finance Minister, stated that the new budget represents a 5.9% increase over last year.
"Nuñez explained that the 2010 budget will be financed with tax collection and funds from state enterprises, like the telephone and port companies", published Laprensahn.com. "5.637 million Lempiras ($300 million) will be paid with external funding".
The National General Budget for 2012 will be close to $4,400 million, similar to that of 2011.
Finance Minister Carlos Caceres said the figure is practically the same as that of 2011, with the difference that the 2012 budget does not include payments for Eurobonds, which in 2011 meant $650 million.
The budget approved by the National Assembly is 10.8% higher than the current one.
The projected budget deficit for 2011 is $ 268.2 million which will be covered with grants and loans.
"The 2011 budget was prepared on a 3% forecast for growth of the Nicaraguan economy, inflation at 6.7 percent, a slide currency slide against the dollar of 5 percent and an average price of a oil barrel at $ 78.8 oil," Efe reported.
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