2024-09-07 05:33:36
The Ministry of Finance reported that, as of August 31, 2024, the cumulative execution of the General Budget of the Nation (PGN) reached 60.3% of the appropriated resources, reflecting progress compared to the same period last year.
In total, $303.6 billion of the $503.4 billion approved for this year was committed, showing a positive trend in the country’s fiscal management.
According to the data released, investment contracting continued to rise, reaching 62.6% of the total annual allocation.which in nominal terms represents an increase of 21.4% compared to 2023. This increase highlights the government’s efforts to improve efficiency in the allocation and execution of public resources, especially in priority sectors such as Education and Equality and Equity, which have already exceeded 50% of investment execution.
Primary expenditure
Primary expenditure commitments, which include operations and investment, were 18.1% higher than those recorded in the same period of the previous year. In total, obligations for $256.5 billion were acquired, of which $255.2 billion (99.5%) were paid. Debt service absorbed $58.8 billion, which represents 62.3% of the total programmed for this concept in 2024.
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Excluding debt service, $244.6 billion in contracts were committed, an 18.1% increase compared to August 2023. Delivery of goods and services amounted to $197.6 billion, accounting for 48.3% of authorized spending for the full year, a 5.4% improvement over July.
Key sectors
The Education and Health and Social Protection sectors recorded the highest levels of execution, with 64% and 62% respectively, reflecting the government’s commitment to key areas for the country’s development. Other sectors that stood out in terms of investment execution were Equality and Equity (50.1%), Science, Technology and Innovation (48.2%) and Mines and Energy (43.8%).
According to MinHacienda, the progress in the execution of the PGN is a reflection of the stability in cash flows, which has allowed the fulfillment of the commitments made. However, the Ministry of Finance continues to monitor the delays in execution, which at the end of August amounted to $35.8 billion (2.1% of GDP), mainly in the investment sectors.
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