[NYTr] Cuban Parliament Approves Budget for 2008

[All the News That Doesn't Fit]

Agencia Cubana de Noticias (ACN)
http://ainch.ain.cu/mailman/listinfo/ingles


Cuban Parliament Approves Budget for 2008

Havana, Dec 28 (acn) The Cuban Parliament approved this Friday the 
guidelines for the Economic and Social Plan of the country, and passed 
the Budget Act for 2008, which will be named "Año 50 de la Revolucion." 
("50th Year of the Revolution")

Cuba will devote the 55 percent of the public expenditure to 
renovations underway in the areas of education, healthcare, culture, 
and sports.

According to the Minister of Finances and Prices Georgina Barreiro, in 
a report by the Economic Commission for Latin America and the Caribbean 
(ECLAC) on the social scene in the region, Cuba appears as the country 
which spends more of its Gross Domestic Product (GDP)on direct social 
needs, approximately three times more than neighboring nations.

Income for 2008 is estimated at over 39,100 million pesos, 
approximately 400 million more than in 2007. An increase in taxes and 
contributions is also forecasted, excluding the tax on circulation and 
the sales tax.

The budget for expenses was set in 41.7 million pesos, a 2.7 per cent 
growth with respect to 2007. More than 30 billion pesos will be devoted 
to public expenditure in 2008, 2 billion pesos more than the budget for 
the present year which is a 7.2 percent increase.

Housing will benefit from 330 million pesos, of which 56 per cent will 
be spent on some 250,000 repairs and preservation work on houses.

The Cuban government appointed 3.95 billion pesos for 1.6 million
pensioners in 2008, four percent more than in 2007. Pensions will
average 221 pesos.

The Cuban Parliament also assigned 200 million pesos to facing possible 
natural catastrophes in 2008.

Part of the budget will be devoted to community works, including the 
repair of roads to support investments, and to subsidize non-profit 
agencies and rationed products.

With respect to the budget for the concluding year, the minister said a 
deficit of 1.9 billion pesos is estimated for the expenditure-income 
rate, which is 3.1 percent of the GDP and 0.1 percent less that had 
been scheduled in direct relation to economic growth.