Minfin Leaves a Cash Balance of USD 1 Billion to Begin 2024 

The fiscal year 2024 opened with a budget of USD 1 billion.

by Astrid Luna

Guatemala City, Brenda Larios -AGN- Guatemala has a net worth of approximately USD 1 billion to begin the year, the Ministry of Public Finance -Minfin- reported.

Acording to the Minstry of Public of Finance it will leave in the treasury, around USD 1 billion coming mainly from tax collection and other balances of public entities.

It also states that this amount will be ready to be used on the first day of the next administration.

Stable economy

The Bank of Guatemala reports that the elected government will find important aspects that can be improved.

It also explained that the new authorities  will find the country in good economic conditions, representing a positive achievement.

The elected officials will also find a stable exchange rate, which places Guatemala among the most stable countries in the region. The exchange rate in Guatemala fluctuates by +-1.5 %, which reflects a steady rate.

Public finances reflect that the tax deficit decreased by 1.7% to the gross domestic product -GDP-. This also gives the country an advantage compared to other nations in the region.

The tax burden is also close to 12% of the GDP. It  also reflects the commitment of the Government, the Superintendency of Tax Administration, and the Taxpayer Assistance Office made to implement tools to facilitate compliance with the Guatemalans’ tax duties. 

Budget 2024

The Minister of Finance, Edwin Martínez, stated in a radio interview about the current budget for this fiscal year. “On Wednesday, the tax year 2024 was opened, with a budget of USD 14 million.”

The minister announced that this corresponds to Decree 54-2022 and the extensions approved by Congress in 2023.

In this regard, Minfin published the Government Agreement 1-2024 in the official newspaper, corresponding to the analytical distribution of the Budget for Tax Year 2024.

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