Electricity subsidy lowers by $120 million

The Government foresees a reduction of subsidies by at least $ 457 million in the energy sector. In 2016 the fuel subsidy to the industry, shipping and aviation sector ($ 337 million) will no longer be paid, and $ 120 million more will not be paid for targeting the electricity subsidy, removing it “to those who have more.” Said Finance Minister Fausto Herrera yesterday.

He explained that gas subsidies will be maintained. In any case, subsidies this year will reach $ 3.193 million. The largest grant continues to be fuels by $ 1.882 million; for social security the delivery of $ 576 million is expected and a total of $ 621.1 million for the Development Bond and other categories.The interprovincial transport subsidy is no longer necessary because the rates went up, the minister said.

Sources: http://www.eluniverso.com/noticias/2015/11/05/nota/5223083/120-millones-baja-subsidio-electricidad