Havana, January 21, 2020. The planned budget for 2020 is based on principles of conservation and rationality in expenditures, and maximizing income, mobilizing all untapped potential that exists in the economy, stated Vladimir Regueiro Ale, first deputy minister of Finances and Prices, during a press conference yesterday.
U.S. harassment, financial persecution, and intensification of the blockade continue, he noted, requiring a detailed analysis of the use of funds and purpose of allocations, to avoid unnecessary expenditures.
During the year, he reiterated, "Budgetary modifications to increase expenses will only be made based on adjustments in the economic plan, approved levels of activity and central government decisions. Likewise, salary expenses and workforce taxes are defined as guiding indicators with specific destinations in the budgeted sector."
Regueiro insisted on item by item evaluation of the budget, based on financial records, to allow for timely decision making, in addition to the need be more discipline and rigor in collecting information and accounting.
Despite limitations, he emphasized, "Cuba’s state budget maintains its eminently social focus, guaranteeing basic services in education, health, culture and sports, as well as the implementation of social policies, national defense and internal order.”
Also ensured is continuity of partial salary increases in the budgeted sector and of Social Security pensions.
Income is projected to reach 66.291 billion pesos, representing 11.5% growth.
Planning has taken into consideration the substantial increase projected in retail trade circulation, along with increased efficiency, especially in the state enterprise sector, which provides 85% of total income. Tax revenues also play a key role, accounting for 74% of collections.
The Social Security budget is fully funded to support some 1,680,000 beneficiaries, 96% devoted to pensions based on age, disability or death of a head of household.
Source: Granma