has indicated that the 2024 Public Budget addresses the need to boost sustained economic reactivation, the closing of social gaps, and actions to address emergencies caused by El Niño Phenomenon.
During his presentation at a Congress plenary session on Thursday, Otarola noted that it will be the first budget of the constitutional government led by President Dina Boluarte.
The high-ranking official added that it contains the government's vision about the priorities, challenges, and objectives for 2024.
The Cabinet chief said it a decentralized budget, in which the participation of regional and local governments accounts for 56% of the decentralizable budget, which will allow for the rapid management of those emergencies that climate phenomena may generate.
"The budget contains the economic, financial, and social priorities for all Peruvians. It was crafted with very specific projections referring to sustained economic recovery and with challenges such as closing of gaps; infrastructure; and immediate actions in the face of the imminent danger due to El Niño," he indicated.
The prime minister said that the 2024 budget, which amounts to S/241 billion (about US$64.44 billion), is higher by 12% than that of the previous year. It also has experienced the highest growth over the past four years, containing an additional S/26 billion (over US$6.95 billion).
Furthermore, he deemed it as a historic budget for subnational governments, with an increase of 20% for regional governments and 17% for local ones —the highest in the last eight years.
Budget priorities
Prime Minister Otarola said that among budget priorities are the promotion of health, early childhood, reinforced higher education, investment in education, increased coverage by social programs, new poverty alleviation measures, as well as enhanced access to water and sewage.
These also include connectivity nationwide, fight against organized crime, organized response to natural disasters, social housing, enhancement of municipal services, economic growth, and basic sanitation.
"The President of the Republic, in her address to the nation, designed these priorities; she is an activist for the development of regions and the closing of gaps in water, sanitation, and sewerage; that is why there is an increase of 7% for water and sewerage," he pointed out.