The Teguise City Council approved this Thursday in plenary session the amortization of 500,000 euros of bank debt, complying with the regulations that allow to continue reducing the financial burden with the consequent reduction of expenses in interest that entails the periodic liquidation of said debt.
“In the last two years we have amortized 14 million euros of bank debt to achieve economic solvency without ceasing to promote priority areas such as Social Welfare or Employment,” said Oswaldo Betancort, stating that “the government group is only 2.3 million away from reducing the debt to the minimum.”
“It is important to highlight that in the face of the scarcity of income that is expected in the next fiscal year, we must reduce the historical debt contracted and the superfluous expenses, maintaining a certain economic solvency without ceasing to reactivate the municipal economy and assist our citizens," he added.
For his part, the head of the Economy and Finance area, Miguel Ángel Jiménez, stressed that “Teguise was the first City Council to make a budget modification in June to alleviate the economic effects and the lack of resources that many families in the municipality are suffering." "In that line we will continue to mitigate bank debt in order to face 2021 complying with all public services and attending to neighborhood demands despite the fact that today we are one of the most punished administrations in this pandemic, because both the Government of the Canary Islands and the State have reduced our income,” he pointed out.