Guatemala City, by Brenda Larios -AGN- The Minister of Finance, Edwin Martínez, reported on the progress made during the first transition meeting with elected authorities.
Minister Martínez informed that the meeting provided information about the Ministry’s structure, personnel, projects, and operation to the representatives chosen by the elected authorities: Jonathan Menkos Zeissig, Elizabeth Ugalde, Mariel Alvarado, Oscar Villagrán, and Walter Figueroa.
This meeting also had the support of the Organization of American States -OAS-.
The meeting addressed several topics, such as the progress accomplished during the current administration and the programs and projects included in the fiscal year 2024.
Minister Martínez stated, “The state of public finances was presented, including the actions taken by the Board of the Superintendence of Tax Administration, chaired by Minfin, to raise the tax burden to 12%.”
Minfin authorities highlighted important achievements, such as a 1.7% deficit and a budget execution of over 96% during 2022. Authorities expect this goal to be exceeded by the end of this fiscal year.
Another significant achievement is managing and maintaining a debt level below international parameters. The 2022 fiscal year reported a debt of 29.4% and 29% for 2023.
Likewise, the 2024 budget project for 2024 included a proposal of 28%.
Country Ratings Agencies
In recent years, Guatemala has obtained improvements in economic outlook through the rating agencies Fitch Ratings, Standard & Poor’s, and Moody’s Investors Service.
The Minister of Finance referred to the results obtained, demonstrating confidence and appreciation for what is being done in the country to respond to the crisis. He highlighted that agencies Fitch Ratings and Standard & Poor’s upgraded Guatemala’s rating, and they expect Moody’s to follow suit in May 2024.
These actions aim to elevate Guatemala to an investment grade, thus presenting a significantly different image of the country abroad.
In conclusion, the minister reiterated his readiness to provide any information requested by the appointed team of the elected government, all in compliance with the instructions of the President of Guatemala, Alejandro Giammattei.