The people’s paper ISSUE NO. 1842
22 - 28 October 2020
News
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NOW that the allocation of funds by the Central Govern ment to each region based on the number of inhabitants has been announced, the Balearic Government has re ceived a sum that will see a number of projects to fruition. Although the announce ment for the funds has been some time coming, the Balearics and Madrid, both of which are major contributors to Central Government fund ing have received a range of financial support. The total spend for the en tire country is in excess of €100 billion, of which the Balearics receive around €2.9 billion. In this latest announcement of which province or area will receive what, the Balearics will be allocated €2,522.65 per person and with a popula tion of 1,204,751 (according to statista.com) this amounts to €88,778,101.19. The funding comes as the
Credit: La Moncloa flickr
FUNDS GRANTED
President Armengol has met with Prime Minister Sánchez. Balearics have seen a devas tating downfall in tourism as a result of the coronavirus pan demic and, although the funds may not be as much as many would have hoped for,
the influx of capital will en sure that the island can start to shore up their struggling economy. Many have argued that the Balearics has been a net con
tributor in the past to the Spanish coffers, due to their incredible tourism sector, which has enabled a range of tax income to shore up other areas of the Spanish econo my. However, many other re gions of Spain will receive less than the Balearics but they, along with Madrid, seem to be treated unfairly when one considers that they both con tribute more in tax than they receive in support. However, at a time of glob al economic crisis, the fund will be welcome nonetheless and will be put to good use to shore up the economy mov ing forward.