The Minister of Economy and Finance, Felipe Chapman, reported that he will present tomorrow to the Cabinet Council the General Budget of the Republic for 2025, after having been removed for the second time from the Budget Committee.

Although he did not specify the exact figure, Chapman said that the budget will increase by approximately US$ 1 billion compared to the previous proposal, which amounted to US$26.8 billion.

The minister explained that the new version of the budget includes modifications suggested by the Budget Committee of the Assembly of Deputies, mainly in the allocations for the Ministry of Education, which represent 7% of GDP, and for the Social Security Fund (CSS).

Regarding the source of the additional US$ 1 billion, Chapman indicated that the government will strengthen administrative changes, increase inspections and audits to improve public finances, and adopt stricter legal measures to combat tax evasion.

In addition, Chapman pointed out that the current government has inherited considerable debt from past administrations, mostly with small and medium-sized enterprises. However, he said he was committed to facing the situation.

As part of the actions to face this debt, the minister highlighted the obtaining of a loan of US$877 million by the Government of President Mulino, which will allow those obligations to be paid off.

Chapman highlighted as an example of the positive actions of the current Government, said loan was achieved with a fabulous interest of 5.94%, when in other situations the interest was higher than 9%. “In just 100 days we have already achieved this,” he said.

“It is essential to comply with the payment of this debt, since, if not, many companies could go bankrupt, which would result in the loss of jobs. In addition, these funds will inject liquidity into the economy,” Chapman concluded.