The Flemish Community estimates the funding needs at 8.5 billion euros for 2023 and 4.7 billion euros for 2024.
The total funding needs of the Flemish Community are twofold:
The new funding needs remain high for the upcoming years: 6.3 billion euros in 2023 and 4.7 billion euros in 2024.
External redemptions are low until 2024, excluding the outstanding Belgian Commercial Paper. Internal redemptions are expected to be reinvested in the Flemish Community by the consolidated public institutions.
Funding needs 2022-2027 (as of 21 May 2023; in millions of euros)
| 2022¹ | 2023 | 2024 | 2025 | 2026 | 2027 | |
| Flemish Social Housing Company (VMSW) | 616.41 | 751.27 | 563.98 | 539.72 | 565.33 | 639.41 |
| Flemish Housing Fund (VWF) | 860.55 | 1,102.70 | 885.87 | 921.47 | 958.25 | 999.62 |
| School Invest | 95.96 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Lantis (BAM) | 0.00 | 550.00 | 935.30 | 822.90 | 937.60 | 934.00 |
| Deficit | 1,139.70 | 1,942.89 | 1,058.41 | 1,169.95 | 451.17 | 0.00 |
| Recovery plan | 654.20 | 273.45 | 531.24 | 148.64 | 591.02 | 0.00 |
| ESA 8 | 373.27 | 1,212.40 | 238.00 | 238.00 | 238.00 | 238.00 |
| Mergers municipalities | 141.55 | |||||
| ESA 9 and ESA corrections | 430.12 | 333.40 | 337.48 | 356.09 | 300.00 | |
| Total new funding | 3,740.09 | 6,262.83 | 4,687.75 | 4,178.16 | 4,097.46 | 3,111.03 |
| Internal redemptions² | 31.95 | 664.55 | 0.48 | 10.00 | 0.00 | 0.00 |
| External redemptions | 244.26 | 1,608.06 | 13.96 | 640.45 | 787.35 | 1,326.12 |
| Total | 4,016.30 | 8,535.44 | 4,702.19 | 4,828.61 | 4,884.81 | 4,437.15 |
¹ Realised figures
² As of 31/12/2022
The graph below shows the refinancing requirements based on the repayment schedule of the outstanding direct debt. The Flemish Community aims to develop a reference benchmark curve.
Repayment schedule direct debt (as of 31 December 2022; in millions of euros)
