… but continues to fall
Both the Diario and JM report that, as of June 30, 2021, the Autonomous Regions global debt stood at €5,441 million, which represents a decrease of €1,195 million compared to that observed at the end of 2012 and of €150 million euros compared to the end of 2020.
The data can be found in The Debt Bulletin of the Autonomous Region of Madeira (RAM), which is now available for consultation on the Portal of the Vice-Presidency of the Regional Government, through the link: www.madeira.gov.pt/vp .
The Madeira Autonomous Region Debt Bulletin is a quarterly publication, whose purpose is fundamentally based on the disclosure and analysis of the global debt – financial and non-financial – of regional public entities.
The edition presented here refers to the accumulated amounts of the RAM’s debt, from December 31, 2012 until the end of the 2nd quarter of 2021, and it also intends to frame, in comparative terms, harmonized information on the regional reality, national and European.
On June 30, 2021 RAM’s global debt amounted to €5,441 million, which represents a decrease of €1,195 million compared to that observed at the end of 2012 and €150 million compared to the end of 2020. Compared with the same period (June 2020) the Region’s global debt increases by 105 million euros, which occurs exclusively as a consequence of the COVID-19 pandemic, as a result of which the Autonomous Region of Madeira contracted, in November 2020, a loan specifically intended to cover exceptional financing needs arising directly or indirectly from that circumstance.
Thus, if the value of the COVID-19 loan and the value of the PAEF loan (an EU adjustment loan taken out in 2012), suspended and not amortized in 2020 and 2021, are excluded from the value of €5,441 million, the value of the overall debt of the Regional Public Administration becomes €4,922 million, thus maintaining the downward trajectory shown in recent years.
The effect of the covid-19 disease pandemic has similar repercussions on the Maastricht debt dynamics. 19. Compared to the previous quarter, there was a decrease of 105 million euros. Excluding this effect, the value of public debt from the perspective of Maastricht would rise to 4,610 million euros, which represents a decrease of 1.1% in relation to the end of 2019.
The debt-to-GDP ratio remains lower in RAM compared to the country as a whole – in the 2nd half of 2021, the debt ratio was 117.2% in the Region, while at the country level the same amounted to 135.4%.
Overall, the figures presented reflect a trajectory marked by a process of continuous and consistent adjustment, reflecting the sustainability of public finances in the Region, which was interrupted due to the effects of the COVID-19 disease pandemic on the regional economy and due to the need for measures are taken to mitigate these effects.
COVID-19 in Madeira: daily updates can be found in an earlier post
Vaccinations in Madeira: updates can be found in an earlier post
