Request to Reduce Public Spending in Nicaragua
Business leaders agree with a recommendation from the International Monetary Fund that the Government should rationalize government expenditure, especially subsidies.
Friday, July 20, 2012
Commenting on the issue Jose Adan Aguirre, president of the Superior Council of Private Enterprise (COSEP), said, "The private sector shared with the IMF that the government needs to control spending."
The severity of the fiscal crisis in Honduras has forced a package that includes spending cuts in the 2012 budget of $61 million and an 11% reduction on salaries over $3,500.
The Ministry of Finance has announced that in the next few days actions will be taken by the Government to enact contingency measures in public spending,
The institution is once again emphasizing more efficient public spending and making cuts before a fiscal adjustment comes into force, in a form that is "draconian and with emergency measures".
If there are no reductions in state subsidies and wages no type of fiscal reform will allow the country to achieve sustainability.
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