Central government financing requirement for 2023
The Economic Survey, August 2023, will be published on August 31.
The estimates of the central government net financing and financing requirement for 2023 can be found in table 1 below. The financing requirement for 2023 has been revised to DKK 107 bn., which is an increase of DKK 15 bn. compared to the estimate in The Economic Survey, May 2023.
The upward adjustment of the financing requirement can mainly be attributed to an upward adjustment of the net financing requirement. The net financing requirement remains negative, cf. table 1.
The financing requirement is met by debt issuance or by drawing on the central governments account at Danmarks Nationalbank.
|Table 1. Net financing requirement and central-government financing requirement|
|May 2023||August 2023|
|DKK bn. 1)||2023||2023||2024|
|Net financing requirement||-24||-14||-32|
|Repayment of long term debt 2)||81||87||82|
|Repayment of short term debt 3)||16||16||35|
|Net purchase of state owned funds||-0||-0||-0|
|Net purchase of social mortgage bonds||18||18||10|
1) Rounding may cause component sums to deviate from totals.
2) Incl. payments from the central government in cross-currency swaps and buybacks of long term debt with maturity date beyond 2023.
3) Repayment of short-term debt corresponds to the outstanding amount of Treasury bills and commercial paper in the beginning of the year.
Source: The Economic Survey, May 2023 and The Economic Survey, August 2023 including a correction. (see note)
Note: As a result of a correction which has been made following the printing of The Economic Survey, August 2023, the net financing requirement – and thus the financing requirement – has been upwards adjusted by approximately 4 billion DKK compared to The Economic Survey, August 2023. This is assumed not to affect the level of gross debt (EMU debt).
Originally published at http://www.en.fm.dk/news/news/2023/august/central-government-financing-requirement-for-2023/