Investors: What principles does the IGCP follow when managing the State's direct debt?

The framework law on public debt (Law No. 7/98) establishes that the use of direct public debt by the State must conform to the financing needs generated by the implementation of the State's priority tasks, as defined in the Constitution of the Portuguese Republic, and ensure, in the medium-term, the tendency towards balance in public accounts.

Furthermore, the management of direct public debt of the State should be guided by principles of prudence and efficiency, ensuring the availability of the required financing for each budget exercise and pursuing the following objectives:

a) Minimization of direct and indirect costs from a long-term perspective; 

b) Guaranteeing a balanced distribution of costs among different annual budgets; 

c) Preventing excessive concentration of debt repayments in a short period; 

d) Avoiding exposure to excessive risks; e) Promoting a balanced and efficient functioning of financial markets.