Section "Borrowing requirement"

The Section publishes two annual reports:

• In March a report regarding the budget trajectory of the General Government covering the next three years and the distribution of the budgetary objectives among the various levels of government, being part of the preparation of the Belgian Stability Programme, as stated in article 2, § 4 of the Cooperation Agreement of December 13, 2013.
• In June/July a report regarding the evaluation of compliance with the agreements made by the various levels of government in the Cooperation Agreement of December 13, 2013 and the related decisions of the Consultative Committee, among  which the annual evaluation of the execution of the Belgian Stability Programme during the previous year, this in accordance with the monitoring mission of the Section as stated in articles 4 and 5 of the Cooperation Agreement of December 13, 2013.

In addition, the Section may issue a report, on its own initiative or upon request of the Minister of Finance, as to the advisability of restricting the borrowing requirement of one or more authorities (as stated in article 49, § 6 of the special Law of January 16, 1989 regarding the financing of the Communities and Regions), depending on the necessity:

• not to endanger the economic and monetary union;
• to avoid a structural derailment of the borrowing requirements.

Composition of the HCF:

• Current composition: Royal Decree of June 25, 2023 regarding the appointment of the HCF members (Belgian Official Gazette June 30, 2023), Royal Decree of June 25, 2023 regarding the appointment of the president of the Section “Public sector borrowing requirements” of the HCF (Belgian Official Gazette June 30, 2023).
• Composition October 2017 - August 2023: Belgian Official Gazette October 17, 2017, Belgian Official Gazette January 22, 2018.
• Composition March 2012 – October 2017: Belgian Official Gazette March 30, 2012 (Ed. 2), Belgian Official Gazette April 1, 2015 (Erratum April 8, 2015) and Belgian Official Gazette July 6, 2016.

Implementation of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union of March 2, 2012 (TSCG – Full Compliance):

• Cooperation Agreement of December 13, 2013 between the Federal Government, the Communities, the Regions and the Community Commissions regarding the execution of article 3, § 1, of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union.
• Letter of September 27, 2018 to the European Commission about the full implementation of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union.
• Royal Decree of May 23, 2018 regarding the High Council of Finance (Belgian Official Gazette May 31, 2018).
• Agreement of September 27, 2018 regarding the transfer of information between the Institute for National Accounts and the High Council of Finance.
• Agreement of October 16, 2018 regarding the transfer of information between the Federal Planning Bureau and the High Council of Finance.