The Department of Finance vowed the government’s quick return to fiscal consolidation following the massive spike in budget deficit and debt ratios due to the pandemic-induced recession.
The Department of Finance vowed the government’s quick return to fiscal consolidation following the massive spike in budget deficit and debt ratios due to the pandemic-induced recession.
In 2021, the government ended the year with a deficit-to-GDP ratio of 8.61 percent, higher compared with 7.65 percent in the previous year. Likewise, debt-to-GDP ratio has risen to 60.5 percent from 54.6 percent. In particular, Dominguez announced that the DOF already formulated a program to limit the budget deficit and improve the government debt to GDP ratio.
“This year will be critical,” Dominguez said. “We need to spend more on infrastructure modernization. We must invest more in our public health system and social services. We have to continue procuring vaccines for our people.”
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