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MNI:Portugal Funding Plan Delayed; Belgium's Set For Next Week

MNI (Frankfurt)

Portuguese elections are likely to delay the release of next year's funding plans, the head of the country's debt agency tells MNI.

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An announcement on next year’s Portuguese government funding plans will be delayed due to snap elections in January but they are unlikely to differ significantly from previous rounds, the head of the country’s Treasury and Debt Management Agency (IGCP) told MNI in response to emailed questions.

Lisbon typically announces its funding plans at the start of the year. This year, however, it will be just an estimate or a pro-forma of the borrowing requirements, IGCP chair Cristina Casalinho said, with the 2022 budget expected to be approved and enter into force only in May or June.

“Still, taking cue from the 2022 draft budget and from the Stability Programme, one should not expect a significant deviation from Portugal’s traditional funding size, especially with respect to PGB issuance which has been stable for the past few years, with the exception of 2020,” Casalinho said.

The Belgian Debt Agency (BDA) will disclose its funding plans for the coming year at next Wednesday’s primary dealer concertation meeting, with a press release afterwards, Director of Treasury and Capital Markets Maric Post told MNI by email.