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For the 8th and 9th year in a row, the State of Bavaria presents a balanced budget with no new debt for 2013-2014 – and announces repayment of more than 1 billion Euros in current debts

17.07.2012



Minister Zeil, MP Seehofer, Minister Söder - bayern.de

2013-2014, resp. the 8th and 9th year in a row, will be years of balanced budget in the State of Bavaria, with no new debts, as announced by Minister-President Seehofer, Economy Minister Zeil and Finance Minister Söder on July 11th. They underline: "Bavaria is an oasis of stability within the otherwise struggling Europe. Whilst some member States increase their indebtedness and by doing so, push Europe to the ruin and threaten the stability of our currency, Bavaria will save more than one billion Euros in the two upcoming years – just as in 2012 – and will so be able to repay its debts. We are therefore fully on track with our plan to free Bavaria from its debts by 2030."

Seehofer, Zeil and Söder also indicate that, based on solide financial fundamentals, the State of Bavaria will continue investing in the growth sectors of the future throughout the two next years. In the new bi-annual budget 2013-2014 – global volume of 46.8 bn (2013), resp. 48 bn (2014) Euros – the government will pursue its „Aufbruch Bayern“ strategy with targeted investments in economy, education and family support policies.

In all, the expenditures rise when compared to 2012 – though this is not the result of new debt, but the reflection of Bavaria's rising economic power. In 2013-2014, Bavaria will be able to pay back more than one billion Euros of its debts, adding to the already begun repayments and therefore bringing the total amount to more than 2 billions within 3 years. That is almost 10% of the Free State's total debt.

Source & more (in German): bayern.de