The Azores Regional Government’s preliminary investment plan for 2024, worth 733.7 million euros, 14% more than this year’s, prioritizes the implementation of the Recovery and Resilience Plan (PRR).

The Azorean Regional Secretary for Finance, Planning, and Public Administration, Duarte Freitas, said that on Sunday, the Azorean government sent the documents for the preliminary budget report and the preliminary draft plan for 2024 to the Economic and Social Council and the Azorean Island Councils, which have 20 days to give their opinion.

At a press conference held on the island of Graciosa, where the Azorean executive with a PSD/CDS-PP/PPM majority began a two-day statutory visit, Duarte Freitas said that the documents are a matter of responsibility “because they contain some of the major priorities for the coming years, first and foremost compliance with the PRR”.

“As you know, the RRP is now starting to develop at cruising speed and the years 2024 and 2025 will be crucial if the region and the country are not to fail to meet the ambition of the RRP targets and that is also why there is a huge concern about compliance with the RRP,” he stressed.

According to the Finance Secretary, the documents also “reflect the consistency of governance,” with the maintenance of the Azores Tariff (which allows inter-island air travel for residents at 60 euros), the tax differential, the end of apportionments in agriculture and the New Elderly Program, among other measures.

The documents are “aimed at stability” in government so that “the consistency of governance is maintained” and the implementation of the PRR can “reach a successful conclusion,” he said.

Regarding the draft plan for 2024, he said that it highlights “the issue of dialogue and consultation.”

The preliminary draft plan, with a value of 733.7 ME, represents an increase of 14% compared to 2023, and, as the Regional Finance Secretary stressed, the main priority is the implementation of the RRP, which must be completed in 2024 and 2025.

In addition to this priority, he pointed out, there has been an increase in funding for the social economy, from 77.5 million euros to 100.5 million.

There is also an increase in support for housing loans (from one million euros to two million), the rural economy (from 57.1 million euros to 64.9 million), and the sea economy (from 33.8 million euros to 43 million).

The budget for tourism promotion has been increased from 9.5 million euros to 14.1 million euros. What’s new is the reinforcement of cooperation with local authorities (creating a Parish Fund with four million euros).

According to Duarte Freitas, the 2024 budget also includes an increase in funding for health and education of more than 18.5 million euros.

As for the region’s own revenues, which amount to 969.6 million euros, are higher than operating expenses (961.1 million euros).

The Azorean Regional Secretary for Finance, Planning and Public Administration also stressed that the proposal presented was designed “without debt.”

“We have an increase of around 90 million euros compared to last year’s plan […] dedicated to investment,” he said, explaining that the revenue forecast is the result of the growth in tax revenue, especially VAT, the increase in revenue from the State Budget and the growth in transfers from the European Union.

By the end of October, the Government of the Azores will present to the regional parliament the proposals for the region’s plan and budget for 2024, the last of the current legislature, after which it will be submitted for discussion and a vote.

From a LUSA news story in Açoriano Oriental, Paulo Simões – director

Translated to English as a community outreach program from the Portuguese Beyond Borders Institute (PBBI) and the Modern and Classical Languages and Cultures Department (MCLL) as part of Bruma Publication and ADMA (Azores-Diaspora Media Alliance)  at California State University, Fresno.

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