15 April 2020: Modification of the State financing programme as part of the presentation of the second revised Draft Budget Bill for 2020

Today, the Council of Ministers adopted the second revised Draft Budget Bill for 2020.

The economic impact of the health crisis and the measures deployed by the Government to mitigate it lead to an increase in the State deficit to be financed in 2020 to €183.5bn, compared to €109.0bn projected in the first Revised Budget Act (LFR 1) promulgated on 23 March 2020. The financing requirement for 2020 is thus revised upwards to €322.6bn, an increase of €76.5bn compared to LFR 1.

In this context, Bruno Le Maire, Minister for the Economy and Finance, adopted the details of the revised financing programme for 2020.

Medium-and long-term issuances net of buybacks will stand at €245bn (+€35bn compared to LFR 1). The net change in the BTF outstanding will amount to €62.1bn (+€34.6bn compared to LFR 1).

AFT will examine in the following weeks with its primary dealers the best way to implement this updated financing programme for 2020.


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