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Ministry of Economy and FinanceMEF: STATE SECTOR BORROWING REQUIREMENT FOR JULY AND FIRST SEVEN MONTHS OF 2008

Press Release N° 121 of 08/02/2008

A state sector surplus of 2,200 million was recorded on a provisional basis in July 2008, 1,400 million less than the positive balance of 3,649 million for July 2007.

In the first seven months of 2008, a total requirement of around 21,124 million was recorded, around 1,600 million less than the figure of 22,707 million for the same period in 2007.

COMMENT

July's surplus reaped the benefit of a positive trend in revenue from self-assessment, for the most part due to the partial clawback of payments from large-sized businesses deferred from June.

The highest tax yield was more than offset by payments that demonstrated a sustained trend as regards both central public administration and government bodies on a local level.

Recorded in the surplus for the month were, in particular, the advance payments to regional authorities to settle previous health service debts as a result of the 2008 Finance Act, as well as the �bonus' payment to those in receipt of the minimum pension, pursuant to Law by Decree 81/2007, converted into Law No. 127/200.

Rome 08/02/2008

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