Canary Islands increase budgets
The Canary Islands Government will increase their budget by €123 million utilising a special credit law.
The President of the Canary Islands, Fernando Clavijo, and the Minister of Finance, Rosa Dávila, announced last week during the press conference, after the meeting of the Governing Council, that the Canary Islands Executive have filed to initiate an extraordinary Credit Act that will increase the budget of the Autonomous Community by €123 million. The loan will serve to carry out priority action in public services, and to re-establish 50% of the extra pay for officials.
“Thconsejogobierno13junio002e forecast for 2016 is that the Canarian economy continues to grow at a rate above the Spanish average,” said the president, so the adoption of this law will not in any case exceed the debt and deficit limits set.
The President also said that the Canaries ended the first quarter of 2016 with a surplus of 0.13% GDP, a figure that puts the Autonomous Region among territories that are adjusting their accounts based on improved financial stability.
The recent improvement in economic activity has resulted in an increase of 3.6% in tax revenue during the first quarter of 2016.