Today, the Council of Ministers adopted the fourth revised Budget Bill for 2020 (“PLFR4”).
The new measures deployed by the Government to mitigate the economic impact of the second wave in connection with the health crisis lead to an increase in the State deficit to be financed in 2020 to €222.9bn, compared to €206.0bn projected for 2020 in the Budget Bill for 2021 (“PLF2021”) released on 28 September 2020. The financing requirement for 2020 is thus revised upwards to €361.6bn, an increase of €16.9bn compared to PLF2021.
In this context, Bruno Le Maire, Minister for the Economy, Finance and the Recovery, adopted the details of the revised financing programme for 2020.
Medium-and long-term issuances net of buybacks will stand at €260bn (no changes compared to PLF 2021). The net change in the BTF outstanding will amount to €53.3bn (+€10.5bn compared to PLF2021).
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