Peruvian Prime Minister Vicente Zeballos on Monday presented the General Budget for Fiscal Year (FY) 2020
, amounting to S/177.3 billion (about US$52.5 billion), up 5.5% compared to that of FY 2019.
The presentation took place at Lima-based Government Palace, along with some Cabinet members including Ministers Maria Antonieta Alva (Economy and Finance), Carlos Moran (Interior), Flor Pablo (Education), Rodolfo Yañez (Housing, Construction and Sanitation), and Juan Carlos Liu (Energy and Mines).
remarked that one of the budget's goals is to continue to pursue the responsible and prudent economic policy introduced by the Government, as well as to boost growth and economic sustainability.
Another objective includes strengthening the decentralization process by empowering both local and regional governments.
The priorities —he noted— imply closing the social gap by giving preferential treatment to education and health
sectors, dealing with violence against women, strengthening the justice system, as well as countering the impacts of frost and cold spell.
"We reiterate the commitment of our inclusive, decentralized Government
, which assists Peruvian men and women in an immediate and timely manner," the Cabinet chief pointed out.
Likewise, he said the Executive Branch promotes continuity of investment projects and, to do so, it will allocate S/2.664 billion (around US$789.8 million) of the 2020 budget to regional and local governments in particular, so that they can complete the initiated projects.
"The money is usually transferred throughout the year, but this time it will be available from the start of 2020," Zeballos added.
In addition, he said public investment will record a 7% rise compared to 2019, the highest over the past three years.
According to the Prime Minister, this is a decentralized budget since 30% of it is allocated to local and regional governments. Besides, even though the central government manages 36% of it, such money is distributed all over the country.
Seven prioritized interventions
It also relies on a social and decentralization approach by providing resources for the execution of infrastructure projects that aim to close social and infrastructure gaps, thus promoting regional competitiveness.