The Minister of Finance, Fernando Medina, announced this Wednesday that he will change the Local Finance Law, aiming to raise the debt margin limit for non-co-financed projects from 200% to 40%.

Fernando Medina revealed in Castelo Branco that he is preparing two “surgical amendments” to the Local Finance Law, resulting from the dialogue with the National Association of Portuguese Municipalities (ANMP).

The first is the increase in the limit, from 20% to 40%, of the indebtedness margin for projects not co-financed, which accompanies the increase to 100% of the use of that margin for projects that have community co-financing.

“That is, there will be more possibility of using the debt margins by municipalities throughout 2023 and, therefore, with more possibility to move forward with investment projects”, he said.

The second change announced by the governor is directed at municipalities that already have credits contracted before 2023. It is about extending the period for using these loans (which was, by law, limited to two years) to be used until 2026.

“We basically resolved what made no sense in the current law, which is the fact that entities that benefited from access to credits contracted before the increase in interest rates, basically had to leave them, to contract new ones with higher rates”, underlined.

Fernando Medina stressed that what he is going to do “is allow the municipalities to use it for a longer period, until the end of the PRR”. “Very soon the proposal will be approved by the Council of Ministers, then by the Assembly of the Republic. I do not expect disagreements between the various political groups, ”he concluded.

This announcement was made within the scope of the ‘Closer Government’ programme, which takes place over two days in the district of Castelo Branco, with more than 40 initiatives where members of the executive will be present.


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