21 December 2020: Initial Budget Act for 2021

The 2021 Budget Act  was voted by Parliament on 17th December 2020. As indicated in the previous press release about the Indicative State financing programme for 2021, the State financing programme has been adjusted following the debates and amendments during the discussion about the French Budget Bill 2021 (PLF2021) in Parliament.

The total financing requirement reaches €293bn (+€7.7bn compared with PLF2021) following the final vote of the fiscal deficit for 2021 which stands now at €173.3 bn (+€20.8bn compared with PLF2021). The amount of medium-and-long-term debt redemption has been revised downward to €118.3bn (-€9.8bn compared with PLF2021) due to buybacks executed by AFT between October and December.
This requirement will be covered by medium- and long-term debt auctions (OATs) for €260.0bn, net of buybacks (same amount as indicated in the PLF2021) and a €19.5bn increase in short-term borrowing (+€0.7bn compared with PLF2021). The financing programme will be supplemented by a net total of €13.5bn from additional resources (change in correspondents’ deposits, other cash ressources) compared with PLF2021.

1Voted by Parliament on 17th December 2020

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