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The city of Ceuta has approved adjustment plan which identifies the procedures necessary to establish funding mechanisms to pay their suppliers, pursuant to Royal Decree prescribed by the Central Government on 24 February.

At the plenary session of the Municipal Corporation, held on March 29, realized a resolution of the Municipality in which the related certified invoices submitted to the Ministry of Economy, Finance and Public Administration on 15 March.

The total of the invoices, amounting to 13.7 million euros, corresponding to both the council and municipal enterprises "Ceutí Promotions" and "Social Management of Ceuta."

Adjustment Plan, which should be referred to the Ministry before the end of the month of March, contains a number of measures of current income to finance current expenditures and debt repayments, including the formalization to pay these 13.7 million euros until 2022.

This amount represents only bills until December 31, 2011 of providers including the Royal Decree, since this does not include many others, including associations and banks, which has to bear the municipality in successive plans of future payments.

Source: Ayuntamiento de Ceutí