El Salvador’s 2024 Proposed Budget amounts to $9,068.7 Million.

By Eddie Galdamez  |  Sep 30th, 2023

Jerson Posada, the Minister of Finance, presented to the Salvadoran Legislative Assembly the draft Law for the 2024 General State Budget. The project budget amounts to $9,068.7 million, including a gap of $338.6 million.

Yesterday, Minister Posada presented the proposed budget to the president of the Legislative body, Ernesto Castro.

As we have done for the last two years, we will study the budget project in the Finance Commission and it will be there where each institution must present its allocations.” Deputy President Ernesto Castro.

According to Posada, this budget represents an increase of 1.9% compared to the 2023 general budget. He also highlighted that the budget gap of $133.8 million is smaller than the 2023 gap, which amounted to $472 million.

The proposed budget has allocated $1,556 million for education, $1,261 million for health, and $866 million for security, totaling $3,694.1 million. The education, health, and security allocations are about $221 million more than in 2023.

We ensure coverage of the expenses necessary for the functioning of the government, strategic programs for the benefit of the population, seeking the efficiency of public spending, and the fulfillment of our commitments.” Minister Jerson Posada.

Minister Posada stated during the press conference that the proposed budget prohibits the creation of new positions and salary increases for public officials and employees of all government institutions.

Posada noted that on the expenditure side, priority is given to the areas of education, health, public safety, and all our emblematic programs and projects.

In the 2024 Proposed budget Project, we are ensuring the strategic investments led by the First Lady, Gabriela de Bukele, in the protection and comprehensive care of Early Childhood, Children, and Adolescents to enhance their optimal development, with an amount of $491.5 million.” Minister Jerson Posada.

The Salvadoran Treasury projects a $6,930 million tax revenue for 2024. In the approved 2023 budget, the revenue projection was $6,795.4 million.

Posada assured that said budget project was “formulated in accordance with the vision of President Nayib Bukele and contains an efficient allocation of resources. It reaffirms the commitment to fiscal discipline.”

SEE ALSO: Nayib Bukele with an easy path to a second presidential term in El Salvador