The Public Treasury will announce tomorrow a reduction in the debt issuance foreseen in the General State Budgets for 2021, as advanced by the Third Vice President of the Government and Minister of Economic Affairs and for Digital Transformation, Nadia Calviño.

In an interview in Cope, Calviño explained that, thanks to the fact that the 2020 fiscal income forecasts "have been exceeded" by the collection, "tomorrow the Public Treasury will make

the announcement and the forecast of debt issuance for this year

and it is going to give that good news, that we are going to reduce the issuance of debt with respect to what was foreseen when the budget project was presented, "he assured.

According to the projections of the General State Budget law of 2021, the gross issuance by the Public Treasury would mark a record figure of 299,138 million euros in the new year, 6% more than the previous year, with an expected net debt by 2021 of around 110,000 million euros.

It will be

Carlos San Basilio, Secretary General of the Treasury

, who details this decrease in the debt issue contemplated for 2021, beyond this first point of the vice president.

In 2019, the issuance of these public commitments stood at around 20,000 million euros, a "very low" figure in the words of the secretary general himself.

The net debt issuance forecast was raised for 2020 to 32,500 million euros, but that amount ended up shooting up to 130,000 million in view of the pandemic;

However, the reception of the European SURE fund and a better-than-expected collection at that time also contributed to the net debt finally closing at around 115,000 million euros.

By 2021, the Government had estimated at 110,000 million of net debt issuance, about 10,000 million in concept of Treasury bills and a bulk of 100,000 million in bonds and obligations.

The higher collection reported by Calviño, among other factors, will

prevent

the aforementioned 110,000 million net (exactly

109,922 million

), practically 300,000 million euros in gross terms (299,138 million euros).

In the past year, the average cost of financing fell to an all-time low of 1.86%, also raising the average maturity of the debt to above 7.7 years.

Pending the breakdown of the new amounts, this Thursday the Treasury has already held its first auction of 2021, in which it expects to capture between 5,250 and 6,750 million euros in bonds and government bonds, an operation encouraged by interest rates historically negative that give fuel to the market.

"The rebound continued in the fourth quarter"

In addition, the economic vice-president has ensured that the Ministry of Finance has already shared with the autonomous communities the criteria that will be used for the

distribution of European funds, and that these would be those that "the European Commission has used"

. that is to say, magnitudes such as unemployed people, youth unemployment or falling GDP, collects Europa Press.

Interviewed at

Herrera en Cope

, Calviño highlighted that the Spanish economy has shown "positive dynamism" in the fourth quarter as well as in the third.

"Our forecast is that the dynamism and rebound of the third quarter remained in the fourth and will continue to accelerate in 2021," said the vice president, who guarantees, vaccination through, "a strong economic recovery" for this year.

Thus, the Government expects

GDP to grow this year by about 7%

, which, according to the vice president, would allow to recover a "significant part" of what was lost in these months of the pandemic, to return to the levels prior to the same and in 2022.

According to the criteria of The Trust Project

Know more

  • State's general budgets

  • GDP

  • Nadia calviño

  • European Comission

  • Unemployment

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