The central government borrowing requirement in April was SEK -30.0 billion (a surplus). This means that the surplus was SEK 14.8 billion larger than forecasted. The difference in the outcome in relation to our forecast is explained by higher dividend income, higher tax revenue and the deposit of a large amount by the Premium Pension Authority in an account at the Debt Office. This partly consists of in-payments that have been brought forward and payments of a temporary nature which will be paid out again.
Dividends from state-owned companies and the Riksbank were around SEK 8 billion larger than expected. SEK 5 billion of this amount consist of dividends that we were expecting to receive during May. This primarily relate to dividend from the Riksbank of SEK 4.4 billion, which has been brought forward. Of the unanticipated dividends, the largest was from Venantius AB at SEK 2.1 billion.
Tax revenue was around SEK 4 billion more than we expected.
The Premium Pension Authority deposited around SEK 4 billion in an account at the Debt Office, which decreased the central government borrowing requirement by an equally large amount. The Premium Pension Authority has started with repo transactions and invests the liquid funds at the Debt Office. They will continue this activity in the future. All other things being equal, this means that the monthly outcomes for the central government borrowing requirement will vary more in future than before. However, this will probably not affect the total yearly borrowing requirement particularly much.
Interest payments on central government debt were SEK -0.1 billion. This is SEK 0.8 billion below the forecast.
For the twelve-month period up to the end of April, the borrowing requirement amounted to SEK - 61 billion (i.e. a surplus). The central government debt was SEK 1,189 billion at the end of April.
The outcome of the central government borrowing requirement for May will be published at 9.30 am on 8 June 2007.
Revised monthly forecast for May
Due to the state having sold shares in TeliaSonera, the Debt Office is revising its forecast of the borrowing requirement for May by SEK 18.0 billion. The new forecast is SEK -56.9 billion (a surplus). The former forecast was SEK -38.9 billion.
The Debt Office has calculated with income from sale of state assets totalling SEK 50 billion for the whole year 2007, which has been distributed from September to December in our monthly forecasts. We are not changing our assessment for the whole year but regard it as early receipt of sales income.
We will make a new overall assessment of the central government borrowing requirement for the whole of 2007 and 2008 in connection with the next central government borrowing report, which will be published on 18 June 2007.
Further information can be obtained from:
Tord Arvidsson, telephone +46 8 613 47 53
Tord Arvidsson, telephone +46 8 613 47 53
