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The Government this morning adopted the draft Budget Bill for 2005. Following this announcement, Agence France Trésor indicates that the financing needs for the State will amount to €118 billion, out of which €44.9 billion result from the projected deficit for 2005 and €73.1 billion result from the redemption of the debt falling due in 2005. The details of the financing programme will be presented in December 2004.
Concerning the execution of the financing programme for 2004, Agence France Trésor indicates that the reduction of the deficit will entail a decrease in short-term debt outstanding, on December 31, 2004. This decrease is currently estimated at €9.6 billion.
|Financing requirement (€ bn)||2004
|Redemption of medium- and long-term debt||66.5||73.1|
|Total financing requirement||115.6||118|
|Medium- and long-term issues||122||118|
|Net changes in BTFs||-9.6||0|
|Changes in deposits||3.2||0|
|Changes in Treasury account||0||0|
|Total funding sources||115.6||118|
Agence France Trésor