The Cash, Debt and Guarantee Management Report 2023 from the Department of Finance and Budget provides an overview of the cash, debt, and guarantee management of the Flemish government in 2023.
2023 was another very challenging year. In the aftermath of the COVID-19 pandemic, the crisis caused by the war in Ukraine also continued to last. These crisis situations had a significant impact on the budget balance and the evolution of debt.
The report covers the following aspects:
- Net financing requirement (NFR): 4.882 billion euros in 2023.
- Consolidated gross debt: 35.309 billion euros at the end of 2023, an increase of 2.991 billion euros compared to the end of 2022.
- Direct debt: 25.786 billion euros at the end of 2023, an increase of 3.930 billion euros or 17.98% in relative terms compared to the end of 2022.
- Guaranteed debt: 11.308 billion euros at the end of 2023, a significant decrease of 239.47 million euros compared to the end of 2022. 8.855 billion euros of the guaranteed debt is included in the consolidated debt.
- Rating: Fitch confirmed the AA rating of Flanders, the highest of all Belgian regions and communities.