transferencias - Oficina de Presupuesto del Congreso

TRAINING ON PUBLIC FINANCE FOR LEGISLATIVE ADVISORS

by Nicolas Perez | Apr 11, 2024 | Activities

On Tuesday, April 9, the Argentine Congressional Budget Office (OPC) initiated a training program on issues related to public finances for the advisors of deputies and senators of the Congress of the Nation. The Director-General of the OPC, Gabriel Esterelles, together with the Director of Parliamentary Training of the Senate, Camila Duro, opened the training program at the Senate.

The purpose of the program is to introduce key issues for the interpretation of initiatives related to public resources and budget design to those who assist legislators in their work.

The program, jointly organized by the OPC and the Directorate of Parliamentary Training of the Senate, was designed around three main topics: taxes, expenditures and public credit, each of them to be addressed in two classes of two hours each, twice a week.

The sequence of face-to-face meetings is being held in different spaces of each Chamber to promote direct contact and facilitate the exchange of ideas.
This training plan, which will conclude on April 25, will be delivered by the directors of the OPC, with the assistance of their analysts:
Martín López Amorós, director of Fiscal Analysis, with Pedro Velazco and Emilio Nastri; Ignacio Lohlé, director of Budget Analysis, together with Laura Cafarelli, Julieta Olivieri and Romina Muras; Joel Vaisman, director of Sustainability and Public Debt Analysis, with Eugenia Carrasco.

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – MARCH 2024

by Nicolas Perez | Apr 9, 2024 | Budget Execution

In the first quarter of the year, the National Government improved its financial and primary results with respect to the same period of the previous year: both were in surplus, as opposed to the deficits of the same period of the previous year. However, both were negative in the month of March.

The cumulative financial surplus amounted to ARS0.7 trillion and the primary surplus to ARS3.4 trillion.
Total revenues fell 4.1% YoY in real terms and total expenditures declined 30.7% YoY in real terms.
The proportionally more pronounced cuts were in capital expenditures (83.3%), transfers to provinces (85.1%) and subsidies (57.9%).
Pension benefits not supplemented with bonuses fell 42.0% YoY in real terms during the quarter, and those supplemented with bonuses fell 27.8% YoY in real terms.
Capital transfers to state-owned enterprises, provinces and municipalities and for educational equipment were reduced by more than 90%.
Interest payments increased 7.3%.
During the first quarter of 2024, expenditure authorizations were increased by 36.0% with respect to the initial appropriation (ARS14.5 trillion). The main increases were allocated to Family Allowances, transportation subsidies and interest.

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – MARCH 2024

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – FEBRUARY 2024

by Nicolas Perez | Mar 7, 2024 | Budget Execution

Due to a decrease in expenditures (-23.8% YoY) and a slight increase in revenues (+0.4% YoY), in the first two months of the year, the National Government recorded a financial surplus 150.0% higher in real terms than in the same period of the previous year.

The primary surplus, which does not include interest payments, was 1,805.5% higher than that obtained a year earlier.
Total revenues grew 0.4% in the year-on-year comparison, driven by increases in the PAIS Tax (405.9% YoY), in Export Duties (70.9% YoY) and in VAT (15.4% YoY). These increases were partially offset by the decrease in resources from Social Security (-25.1% YoY) and Income Tax (-36.5% YoY).
Total National Government expenditures recorded a real fall of 23.8% YoY in the first two months of the year and the cut in primary expenditures, which does not include the increase in debt interest, rose to 33.6% YoY.
Pensions (-33.0% YoY real), energy subsidies (-59.5% YoY real), capital expenditures (-82.4% YoY real) and social programs (-29.9% YoY real) were the items that most contributed to the reduction in expenditures. However, debt interest grew 34.2% YoY.
In February, the financial result was in deficit (-ARS186.635 billion), although in the first two months of the year the surplus was maintained (ARS1,020.296 billion), with levels above the average of a 15-year cycle.
Total accrued expenditures represented 24.0% of the budget, which is an extension of the budget in force during 2023.

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – FEBRUARY 2024

THE OPC PRESENTED THE LATEST BUDGET EXECUTION REPORT TO LEGISLATORS

by Nicolas Perez | Feb 16, 2024 | Activities

The Argentine Congressional Budget Office presented the latest published report on the Analysis of the National Government Budget Execution – January 2024 to national legislators and their advisors.

This is one of the periodic works conducted by the OPC with the purpose of monitoring revenues collected and expenditures accrued.

The presentation was given by the OPC Director, Gabriel Esterelles, together with the directors of Sustainability and Public Debt Analysis, Joel Vaisman; of Fiscal and Tax Analysis, Martín López Amorós; of Budget Analysis, Ignacio Lohle, and the analyst of this last directorate, María Laura Cafarelli.

The purpose of the online meeting was to provide members of the Chamber of Deputies and the Senate, as well as their assistants, with technical elements to improve the understanding of the monthly report disseminated through the OPC web page, offering, at the same time, the possibility of clarifying doubts about the methodology used and the results obtained.

The good reception of this new work modality was the basis for the decision to repeat it periodically to consolidate the technical dialogue between the OPC and the National Congress.

ANALYSIS OF BILL “BASES AND STARTING POINTS FOR THE FREEDOM OF ARGENTINES” – REPORT 5 – PRIVATIZATION OF STATE-OWNED ENTERPRISES (SEC. 8 AND 11)

by Nicolas Perez | Jan 17, 2024 | 25-PE-2023_ENG, Cost Estimates

Sections 8 and 11 of the Bill establish that state-owned enterprises are subject to privatization and authorize the Executive Branch to sell its share in those in which the State does not have control, a situation in which the approval of Congress is not required for a potential sale.

During 2023, transfers and contributions to state-owned enterprises totaled ARS2,301.385 billion, equivalent to 1.22% of GDP.
Most of the funds were current transfers and the rest were capital transfers, but these contributions are not directly related to the operating result.
As of October, 134 thousand workers were employed in the companies. Operadora Ferroviaria S.E., YPF S.A., Banco de la Nación Argentina, Correo Oficial de la República Argentina S.A., Aerolíneas Argentinas S.A. and AYSA accounted for almost 77%.
The lack of data on the net worth and market value of each company and of information regarding transfers and contributions in relation to the operating result does not allow estimating the fiscal impact of future actions enabled by the Bill.