Spain provides for a reduction of public debt for the next year – El Universal (Venezuela)

 EFE
 

Tuesday August 4, 2015 9:33 a.m.

Madrid .- The Spanish Finance Minister Cristobal Montoro, on Tuesday presented a draft national budget for 2016 based on a forecast growth of 3% of GDP and provides for the first reduction of public debt since the beginning of the crisis in 2008.

The public debt of all the administrations Spanish public will fall in 2016 to 98.2% of GDP, due to the intense fiscal consolidation and reduction in financing costs , Efe reported.

The accounts maintain public deficit target 2.8% of GDP next year to abandon the excessive deficit procedure opened in Spain by the EU.

The budgets for 2016, mainly aimed at spending social, they have a spending ceiling of EUR 123.394 million (135.478 million dollars), 4.4% less than in 2015.

Finance Minister Cristobal Montoro said that budgets are consistent and rigorous economic policy that has allowed Spain to leave the crisis.

In a press conference, Montoro said that the accounts back to the Spanish confidence in economic growth.

All this, according to the minister, the result of structural reforms, “featuring a large increasingly sanitized “public accounts.

Unlike other years, the budget law will begin its passage through the middle of August by the call for general elections in the autumn and the desire of the Executive to approve the accounts public before the end of the legislature.