27 September 2023: French State funding for 2024 and situation in 2023


1. This morning, the French Budget Bill for 2024 was presented to the Council of Ministers. The total financing requirement will stand at €299.7bn, down €10.6bn compared to the 2023 updated financing requirement, mainly consisting of (i) €144.5bn to cover the deficit to be financed, down €27.6bn compared to the updated 2023 deficit, and (ii) €160.2bn to redeem medium- and long-term debt maturing in 2024, up €10.6bn compared to 2023.

2. The financing requirement in 2024 will be met by (i) the medium- and long-term government debt issuance programme, net of buybacks, worth €285bn, (ii) an increase in outstanding short-term government securities (BTFs) for €7.7bn, (iii) €6.5bn of Covid debt redemption from the Caisse de la dette publique (iv) and other cash resources of €0.5bn.

3. State debt service is expected to stand at €52.2bn.

4. The net year-on-year increase in the nominal value of negotiable State debt with maturities of one year or more will be capped at €129.5bn.

5. The detailed medium- and long-term financing programme for 2024 will be released in December 2023.



6. Since the beginning of 2023, the weighted average yield of medium- and long-term debt securities issued stands at 2.95%, compared to 1.43% in 2022, an average of 1.16% from 2009 to 2021, and yields of 4.15% from 1998 to 2008.      

7. The deficit to be financed in 2023 has been revised upwards to €172.1 bn, compared to the amount of €164.9bn provided for in the 2023 initial Budget Act (LFI) promulgated in December 2022.

8. “Other cash resources” are projected at -€13.9bn, as a result of discounts at issuance, compared to +€0.5bn in the 2023 LFI.

9. The drawdown of the Treasury’s account stands at €27.6bn, against €24.5bn in the 2023 LFI.

10. Outstanding BTFs will increase by +€20bn, against +€3.3bn in the 2023 LFI.

11. For 2023, issuance of medium- and long-term debt, net of buybacks, will remain flat at €270.0bn.

12. State debt service is expected to stand at €55.5bn, versus €51.7bn in the 2023 LFI, mainly as a result of the rise in short-term interest rates.


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