Vila Real de Santo António will be receiving €25.6 million-worth of funding from the government through the Local Economy Support Programme (PAEL).
The programme has already been approved by the Court of Auditors, as well as a €33.3 million loan provided by seven credit institutions to help implement the municipality’s financial adjustment programme.
Said VRSA mayor Luís Gomes: “We have finally accomplished one of our main objectives – regulating and normalising our economic-financial situation.”
He admitted that the PAEL funding will mainly help pay off debts to many of the municipality’s suppliers.
“With this financing, we will honour a large amount of our long-running commitments and also improve the financial stability of our municipality,” he said.
It was also revealed that VRSA’s adjustment plan has restructured the municipality’s debt from short-tem to long-term, thus “stabilising local finances and removing pressure from the treasury”.
