Economic momentum must not detract from responsible public accounts, stresses Duarte Freitas - Communication

Secretaria Regional das Finanças, Planeamento e Administração Pública

The Regional Secretary for Finance, Planning and Public Administration, Duarte Freitas, praised on Monday the current momentum of the Azorean economy, one of great "vitality." However, he emphasised that this must not detract from a path of responsibility.

"At this moment we must urge every one of us to reflect on how we can guarantee the sustainability of public accounts and the continued progress of the Region, not least because, fortunately, we are in the most dynamic period in the history of the Azorean economy," he said.

He spoke at the plenary session of the Legislative Assembly of the Autonomous Region of the Azores, in Horta, during the discussion on the 2023 Regional Account.

Pointing out that regional finances have been running "deficits for more than ten years," the Regional Secretary recalled the path taken by the coalition governments to promote careers and correct injustices, some of which were more than a decade old.

Duarte Freitas recalled that the Azores' deficit was at 2.5%, below the reference value of 3%. The Region's public debt ratio did not exceed 60% of Gross Domestic Product (GDP).

"We have to remember that resources are finite. We must have the capacity and responsibility to measure the quality of our public spending. This has to be done by all of us, including the Government, but also by this parliament," he concluded.