Middle East

Spain approves a record $ 590 billion budget for 2022

Parliament approves a groundbreaking budget that includes labor reform and a new spending program that has been increased by $ 80 billion from the EU’s Coronavirus Fund.

Approval is seen as an important test of parliamentary support for the United Wee Khan Party, a socialist minority coalition and anti-austerity. (Reuters)

The Spanish House of Representatives approved the 2022 budget bill of the minority left government in the final reading after lawmakers voted in favor of a small amendment proposed by the Senate, which postponed final approval by a week.

An amendment vote passed by the overwhelming majority on Tuesday automatically led to the approval of the bill, which was endorsed by the Catalan separatist ERC and a few other small regional political parties.

The budget was finally approved after 281 politicians voted in favor of the final amendment and 62 voted against it.

“I hope this will be a prologue for more agreements,” Prime Minister Pedro Sanchez tweeted shortly after the results were announced. “We will work on it.”

He said in parliament that this was the first time Spain had passed the annual budget bill twice in a row since 2014.

Between 2016 and 2020, fierce parliament hampered spending plan agreements. That is, the same budget was carried over every year.

read more: Catalan leader demanding an independent vote at the first meeting with the Spanish Prime Minister

$ 590 billion budget

Numerous leftist and nationalist legislators have given final approval to Spain’s $ 509 billion budget for 2022. This budget allocates more than half of the money to education, health, pensions, subsidies, and other forms of social spending.

Utilizing the first $ 79.11 billion tranche from the European Union’s Covid-19 Recovery Fund, the 2022 budget includes historic amounts of social spending (approximately $ 282.55 billion). ..

The budget includes a record investment of $ 45.31 billion.

To boost the cultural sector, everyone aged 18 will also receive a $ 452 grant to spend on activities such as books, concerts and theater.

Approximately 70,000 people between the ages of 18 and 35 can also benefit from a monthly grant of up to $ 283 that the government provides to help low- and middle-income earners pay rent.

Thanks to the EU Fund, the government expects economic growth to accelerate to 7% in 2022, compared to this year’s forecast of 6.5% backlash from Covid’s record downturn.

However, central banks and some international organizations do not have optimistic forecasts.

Source: TRT World and distributors

https://www.trtworld.com/europe/spain-approves-record-509b-budget-for-2022-53094?utm_source=other&utm_medium=rss Spain approves a record $ 590 billion budget for 2022

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