Caribbean & Central America - August 2011 (ISSN 1741-4458)

President Alvaro Colom announced he was cutting the budget by Q$2.125bn (US$265m) due to congress’s failure to approve either a law against tax evasion (expected to generate US$102m) or further borrowing. The institutions most affected are the community development councils (Cocodes), which suffered a cut of US$89m, municipalities (US$46m) and San Carlos University (US$32m) with health, education communications and security also affected. Congress last year approved a budget of US$6.8bn with an envisaged fiscal deficit of 2.8% of GDP.

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