Portugal spending plan offers better times ahead of election
October 16 at 6:38 AM
LISBON, Portugal â" With a general election on the horizon, Portugalâs government is promising a financial windfall after years of austerity.
The center-left Socialist governmentâs 2019 budget proposal unveiled Tuesday offers lower taxes, higher pay for government workers, pension increases, more jobs, and lower energy and public transport prices.
Finance Minister Mario Centeno says those measures are possible due to healthy economic growth, higher tax revenue, more efficient spending and savings on interest rates.
He says keeping a lid on public spending in recent years will bring a budget deficit next year of 0.2 percent â" the lowest in more than 40 years.
The minority governmentâs spending proposal requires the approval of parliament and the countryâs president.
A general election is due in a yearâs time.
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