The government asked Congress to increase public debt by $225 million to finance the budget.
Currently, the Executive Branch may issue up to $171 million. If the increase is approved, the number would reach $394 million.
The measure is due to the expectation of an "unprecedented reduction in revenue, up to Q4 billion ($494 million,) due to the global economic crisis," said Juan Alberto Fuentes Knight, Minister of Finance, in an article in sigloxxi.com
The SAT lowered its tax collection goal for 2009 by $441.
For 2009, the Tax Administration Superintendent (SAT) in Guatemala had planned to raise $4.758 billion, but it reported yesterday that the target was adjusted to $4.32 billion, a decrease of 9.28%.
Prensalibre.com reported that the Finance Minister, Juan Alberto Fuentes Knight, addressed the impact on the fiscal deficit: "It would have to be covered by a decrease in operating expenses, plus donations and debt grants pending approval, but it is expected that the aforementioned deficit will remain at 2%."
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