Government approves the proposed State Budget for 2022
The State Budget was approved by the Cabinet and now goes to Portugal's Parliament, where it will be sent this Wednesday.
The Cabinet approved the proposed State Budget for 2022, the Portuguese government announced in a statement. The document will be sent this Wednesday to Parliament and is expected to be presented later by Finance Minister Fernando Medina.
“The Cabinet has approved the proposed State Budget for 2022 this Tuesday,” reads the statement released today. Over five months after the original Budget was rejected, which led to early elections and an overwhelming victory by the Socialist party (PS).
After today’s Cabinet meeting, the Finance Minister told RTP3 that the proposal would be submitted “very early” to Parliament on Wednesday, which will break a six-year tradition of António Costa’s governments, which have always sent the proposed State Budget late in the day, sometimes close to midnight.
The State Budget for 2022 was rejected on October 28 and the political result was the Parliament’s dissolution and early elections. Three months after the situation taking place, the Portuguese gave an absolute majority to the Socialist Party (PS), whose process of forming a government was postponed due to the repetition of the elections in the European constituency. The new Executive took office at the end of March and, about two weeks later, presented the new Budget.
With this timeframe, the country should have a functioning State Budget on July 1. The parliamentary process takes at least a month and a half and it is unlikely that the entire process, including the final drafting by the Parliament services and the promulgation by the President of Portugal, will be concluded in time to come into force on June 1.
