2003 BUDGET PROPOSAL.The Ministry of Finance projects that the GDP GDP (guanosine diphosphate): see guanine. will grow by 2.5% in 2002 (most likely overstated o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o ) and that the Government's fiscal deficit as a percent of GDP will be 5.9%. "This is higher than the earlier estimate of 5.6% of GDP and far higher than its target in its IMF IMF See: International Monetary Fund IMF See International Monetary Fund (IMF). program," comments the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Embassy in Tegucigalpa. The Government is considering further tax measures to increase revenues. In September, the Ministry of Finance presented the 2003 budget proposal to the National Congress. The Government's budget of 32.7 billion lempiras(US$1.97 billion) represents a 10% increase in nominal terms over the 2002 levels. Spending on health, education and security account for 65% of the budget, while debt service payments (including US$100 million for Paris Club Paris Club A monthly meeting in Paris attended by creditors of 19 countries to discuss debt issues. Among other things, the Paris Club addresses the issue of coordinated debt relief for developing countries that cannot service their debt. debt) account for 17%. With improvements in tax receipts, the Ministry of Fnance projects the Government fiscal deficit could fall to 4% of GDP; however, local economists are skeptical. Copyright 2002 |
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