The Government authorizes the Canary Islands, the Basque Country and Navarra to spend their surplus

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The Government authorizes the Canary Islands, the Basque Country and Navarra to spend their surplus





© Provided by Vozpópuli



The Council of Ministers has authorized this Tuesday the three autonomous communities that ended 2019 with surplus, Canary Islands, Basque Country and Navarra, to spend these funds to meet the extraordinary expenses caused by the coronavirus pandemic.

This has been announced by the Minister of Finance and government spokesperson, María Jesús Montero, to account for the criteria set by the Council of Ministers to distribute among the autonomous the 16,000 million from the covid-19 Fund.

The Canary Islands ended last year with 321 million surplus, equivalent to 0.68 percent of its gross domestic product (GDP), some remnants that the Budgetary Stability Law forced until now to basically use to amortize debt.

In the previous legislature, the then president, Fernando Clavijo (CC), called several times to be allowed to use those funds to reinforce essential public services, because nOr it saw sense to use them on a recurring basis to repay debt, the islands being the least indebted community per inhabitant in all of Spain. The Government of Ángel Víctor Torres (PSOE) picked up that same demand almost from his first days in office and intensified it.

NavarreFor its part, it closed 2019 meeting the budgetary stability objectives, with a surplus of 101 million euros, 0.5% of GDP, and a debt of 15.5% of GDP, below the limit set at 17.1%, according to data provided in March by the Minister of Economy and Finance, Elma Saiz.

Specific, indebtedness stood at 3,297 million euros and again it has been possible to reduce debt compared to the previous year, specifically by 148 million. Furthermore, as a result of negotiations with financial institutions and the early cancellation of loans, a saving in financial expenses of 38 million euros has been achieved.

The Basque Country last year achieved a surplus of 0.44 percent of gross domestic product (GDP), which is equivalent to 328 million euros. The claim to be able to spend the surplus has also been raised by the Spanish Federation of Municipalities and Provinces for municipalities with healthy accounts and has been part of the negotiations between parties to form the majorities that allowed the state of alarm to be extended in Congress.

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