The state sector borrowing requirement for April 2009 was in line with forecasts at around 18,500 million on a provisional basis, approximately 7,900 million higher than the figure of 10,622 million for April 2008.
In the first four months of 2009 a total requirement of around 48,400 million was recorded, around 17,000 million in excess of the figure of 31,411 million for the same period in 2008.
COMMENT
With regard to revenue, the level of income deriving from tax held well in comparison with April of last year.
Regarding expenditure, in comparison with April 2008, the requirement for April 2009 felt the effect of a concentration of steps taken to support the economy, such as the family bonus' payments and an increase in tax refunds by tax collection agencies, relating, in the main, to tax credits dating back in excess of ten years.
Further, the balance for the month was inflated by around 1,700 million as a result of the buy-back of property by the social security institutions in connection with the SCIP 2 securitization operation pursuant to Article 43 bis of Law No. 14/2009, as well as by an increase in withdrawals from the state treasury accounts by the regional authorities.