Odg of the future Republic on the debt of San Marino
Agenda of the directors of the future Republic presented this morning in the Finance Committee.
“The Finance Council Commission;
having acknowledged the debt processes put in place in the current legislature with the American company Cargill and on the financial markets, their reduced maturity and the significant interest rate requested by them;
assessed how necessary a timely and detailed update on the use of this debt, the costs connected to it, the consultancy developed to obtain it and the methods and times to repay it;
commits the Secretary of State for Finance and the Budget to report to the Commission, before the second reading of the forecast budget for 2022, also in secret session, on the amount of State liquidity at the reference date and in general during the 2021;
- the allocation of resources generates from the debt (€ 490,000,000 overall), in particular that part not already destined for the repayment of the loan to Cargill (€ 150,000,000 + approximately € 4,500,000 of interest), to the repayment of the zero coupon loan to Cassa di Risparmio (approximately € 94,000,000) and to the loan granted by the Central Bank of the Republic of San Marino to the State (approximately € 55,000,000), also taking into account the budget deficits recorded in 2020 and expected in 2021;
- the details of all the consultancy / assignments put in place for the search, obtaining and management of these debt processes, including placement, marketing operations, legal and contractual management, etc. with the related economic amounts;
- the possible desire to increase the existing debt with new issues or new financing agreements or, on the contrary, the ways in which to quickly reach a primary budget surplus with which to repay the interest (and possibly part of the principal) on the debt “, this is the text of theodg of the future Republic.