These are expected to reach an overall loan volume of about € billion, or 7.7% of GDP. They come on top of the broader fiscal package in response to the pandemic, including interest subsidies for existing performing loans, bonds and bank overdrafts, reductions and deferrals of tax and social contributions, and labour market support measures.
Belgium has reduced its public debt from 122 per cent of GDP in 1997 to 89 per cent in 2006, with very considerable savings in interest payments.