The Minister of Finance says that the Government removed Portugal from the “clinical position” of the third most indebted country
“The effort we made during 2022 will allow us to ensure that Portugal no longer has this position of third place on the podium of the most indebted countries and that Portugal is part of a platoon where, in that order, Spain, France and Belgium”, declared, on Wednesday night, Fernando Medina.
The official spoke at a dinner in Funchal, as part of the “500 biggest companies in Madeira” event, organized by Diário de Notícias da Madeira.
“This year we will have the greatest reduction in the weight of the public debt in the product since there is any kind of record”, said Fernando Medina, reinforcing: “We will always hear devalued critics, saying that it was the economy, which was created. It is true , all that helps. But the truth is also this: if I was determined to spend all the money, the debt would have remained as it is.”
The socialist ruler considered that the reduction of public debt is one of the aspects that benefit the country in the face of the current international situation, also highlighting the geographic location as a factor of attractiveness and development, as well as the high employment rate and political and social stability.
“Portugal held, at the beginning of 2022, a public debt of 125% of the product”, recalled Medina, adding that only Greece and Italy had higher debts.
“The fundamental question is that we will no longer have an autonomous position, we will become perfectly integrated within what are averages of countries with economies much larger than the Portuguese”, he reinforced.
The Minister of Finance referred, on the other hand, that the Socialist Government’s priorities for 2023 are based on supporting family income and job protection, increasing investment and balanced public finances.
“Our objective for the year 2023 is to have a primary balance of 1.6% of the product, that is, Portugal will have a surplus in its budgetary accounts, if we exclude the dimension of the interest that we have to pay”, he said, explaining that this will allow a reduction of the public debt to 110% of the product.
“Our goal is to reach 2026 with a debt below 100% of the product”, he said.
DC // EJ