The Ministry of Finance has scheduled a meeting of the Political, Financial and Fiscal Council (CPFF) for next Monday, December 11, to discuss and approve a clear path for regional governments as they prepare their 2024 general budgets. Several regions, including the Valencian Community, have already drafted their budget projects while regional parliaments complete their ratification processes.
This gathering marks a crucial step for the Ministry of Finance to advance the preparation of the upcoming general budgets, with the central government aiming to have them approved in the first quarter of 2024. Officials expect the Treasury to issue the 2024 budget outline and remind stakeholders of the targets that Brussels has accepted. They stress that without consolidated General Budgets, regional authorities would struggle to balance their accounts, even though most budgets are already in motion.
On the other hand, once the budgets are on track, Ministry of Finance sources indicate that parallel measures will be launched to refine the regional financing model. Maria Jesus Montero is clear that the expected reforms should include the involvement of the PP, and there is no ambiguity about the political will to pursue changes that align regional financing with national priorities.
Regarding the accounts, guidelines for drafting new financial statements have already been approved, and the Government is looking to chart a clear path toward fiscal stabilization. A key objective is to reduce the deficit to 3% of GDP by 2024, a target that was presented to Brussels in October and reflected in the expenditure ceiling, a central pillar in shaping future fiscal plans.
During the meeting on Monday, Finance Minister María Jesús Montero will assess the deficit trajectory and set ambitious but achievable targets for the autonomous communities, Social Security, and the State. While regional governments led by the PP oppose certain elements of the plan, the ultimate decision rests with the central government and its ability to steer the overall budget strategy toward common fiscal milestones.