The Treasury Vice-Ministry of the Canary Islands Government has approved the Economic-Financial Plan (PEF) for the Lanzarote Cabildo. This pivotal document, which received approval last August, aims to ensure budgetary stability and the sustainability of the public finances of the island institution.

This instrument, mandated by financial stability regulations, will enable the Cabildo to return to the economic path established prior to the global pandemic of 2020, thereby reinstating the spending cap that was removed in previous years by the central government.

Importance of Autonomic Support

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 added, “This approval is proof that we are managing our affairs seriously, working with rigour, responsibility, and planning to ensure the future of our islands and the next generations.”

Commitment to Economic Management

Vice-President and Councillor for Finance and Procurement, María Jesús Tovar, highlighted that this endorsement from the Canary Islands Government “is a boost for serious economic management committed to the citizens.” She noted, “The Economic-Financial Plan allows us to maintain the course of a modern, efficient, and transparent administration, capable of responding to social needs and facilitating the investments that Lanzarote requires.”

Financial Allocation and Future Projects

Consequently, the Cabildo of Lanzarote will have access to nearly 10 million euros in treasury surplus that can be allocated to the current financial year’s budget, which is also the highest in the history of the island institution.

With the definitive approval of the PEF, the Cabildo of Lanzarote ensures the continuity of strategic projects in areas such as public works, social welfare, sports, sustainability, and collaboration with the seven municipalities of the island.