2025
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The French Budget Bill for 2025 was presented today to the Council of Ministers. The total financing requirement will stand at €306.7bn, down €12.7bn compared to the 2024 updated financing requirement, mainly consisting of (i) €135.6bn to cover the budgetary deficit to be financed, down €31.0bn compared to the updated 2024 deficit, and (ii) €174.8bn to redeem medium- and long-term debt maturing in 2025, up €19.7bn compared to 2024.
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The financing requirement in 2025 will be met by (i) the medium- and long-term government debt issuance programme, net of buybacks, worth €300bn, (ii) €5.2bn of Covid debt redemption from the Caisse de la dette publique, (iii) and other cash resources of €3bn. In addition, the outstanding short-term government securities (BTFs) will decrease by €1.5bn.
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State debt service is expected to stand at €54.9bn.
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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 €127.3bn.
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The detailed medium- and long-term financing programme for 2025 will be released in December 2024.
2024
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For 2024, issuance of medium- and long-term debt, net of buybacks, remains unchanged at €285.0bn.
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The deficit to be financed in 2024 has been revised upwards to €166.6 bn, compared to the amount of €146.9bn provided for in the 2024 initial Budget Act promulgated in December 2023.
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“Other cash resources” are projected at -€7.4bn, mainly as a result of discounts at issuance, compared to €0.5bn in the 2024 initial Budget Act.
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Outstanding BTFs will increase by €35.3bn, against €5.2bn in the 2024 initial Budget Act.
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Since the beginning of 2024, the weighted average yield of medium- and long-term debt securities issued stands at 2.92%, compared to 3.03% in 2023.
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State debt service is revised downwards to €50.9bn, versus €52.2bn in the 2024 initial Budget Act.
(*) The presented financing table includes the effect of the amendments that the Government intends to submit to Parliament during the parliamentary debates. Without these amendments, borrowing requirements/sources would stand at €313.2 billion, the deficit to be financed would amount to €142.1 billion and the net change in outstanding short-term government securities would be €5.0 billion.
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