The Town Hall Executive of Faro meets this afternoon to vote on a candidacy for the Local Economy Support Plan (PAEL) worth 24 million euros, to pay off short-term debts. The PAEL candidacy proposal will be submitted for approval at an extraordinary session of the Municipal Assembly of Faro scheduled for today, thursday.
The amount of the loan to request from the financing fund launched by the State was already known, but the tight deadlines for submitting the candidacy to the program mean that the candidacies have to be approved urgently, otherwise the local authorities will be left out.
The short-term debts of the Chamber of Faro amount to 32 million euros , but the mayor of Faro Macário Correia did not assume in statements to the Sul Informação if you are going to ask for an additional loan from the bank. "This 24 million is the loan we are going to ask for", he limited himself to saying.
With this measure, municipalities will be able to pay off old debts, while injecting money into their suppliers, many of them in distressing situations.
In the Algarve, also the Portimão Chamber and Vila Real de Santo António Town Hall they have PAEL applications ready and they only need the green light from all the municipal bodies to be submitted. But there are more municipalities that will come forward with candidacies. All municipalities that join this support line are required to comply with a Financial Rebalancing Plan.
Comments