The Vice-Ministry of Finance of the Government of the Canary Islands has approved the Economic-Financial Plan (PEF) of the Cabildo of Lanzarote. This key document, which was approved last August, aims to ensure budgetary stability and the sustainability of the public accounts of the island institution.
Restoring Economic Stability
This instrument, mandated by financial stability regulations, will enable the primary institution to recover the economic trajectory established before the global pandemic of 2020, reinstating the spending cap that had been removed in previous years by the central government.
Support from the Government
The President of the Cabildo, Oswaldo Betancort, emphasised the significance of this regional backing, stating that it “demonstrates we are doing things correctly and in accordance with the law”. He remarked, “This approval is proof that we are managing with seriousness, working with rigor, responsibility, and planning to secure the future of our islands and the upcoming generations.”
In turn, the Vice-President and Minister of Finance and Procurement, María Jesús Tovar, highlighted that this endorsement from the Canary Executive “is a boost to a serious economic management committed to the public”. She added, “The Economic-Financial Plan allows us to maintain the course of a modern, efficient, and transparent administration that can respond to social needs and drive the investments that Lanzarote requires.”
Financial Stability for Future Projects
As a result, the Cabildo of Lanzarote will have nearly €10 million from the treasury surplus to add to the current budget, which is also the highest in the history of the island institution.
With the final approval of the PEF, the Cabildo of Lanzarote guarantees the continuity of strategic projects in areas such as public works, social welfare, sports, sustainability, and collaboration with the seven municipalities on the island.
