The Tarragona City Council has carried out a refinancing operation of four loans to save a total of 300,000 euros. The pending payments were valued at about 15 million euros, maturing in three years, but the loans have been grouped together and a new bank has been sought to reduce municipal spending thanks to the reduction in interest rates.
The refinancing operation is one more of the City Council’s measures to achieve economic stabilization, in the same way as executing the annual amortizations of the credits. The liquidation of loans and savings allow you to expand your resources and have more investment capacity. This capacity is growing thanks to the reduction in outstanding debt.
The amortizations in recent years have allowed the council to reach around 85% of outstanding debt, calculated from consolidated income and the volume of debts. The objective for 2024 is to reach 75%, since it is from this figure that the local administration would cease to be under the supervision of the Generalitat de Catalunya when making credit applications. The aforementioned supervision is done when the outstanding debt is between 75% and 110%. The City Council is working to get out of this tutelage and have more room for investment and freedom in planning.
The forecast of the consistory is to end the year with a total debt of 152.9 million euros thanks to the planned amortizations and the one approved through one of the last credit modifications, which served to allocate 3.4 million euros of the remainder from 2022 to liquidate the ICO credit from the Ministry of Finance received in 2011 and 2012 to alleviate the economic crisis. This measure made it possible to leave the stability and control plan of the same ministry.
2023-05-26 04:08:42
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