(Bloomberg) -- Denmark’s government cut its financing need estimates, as the AAA-rated nation said it would require less funding than previously anticipated both in this year and the next.

The Nordic country will have a total financing need of 77 billion kroner ($11 billion) in 2024, down from 95 billion kroner seen in August, the finance ministry said in a statement late Monday.

The updated estimate comes after a broad majority in the Danish parliament last month agreed on a new budget law for 2024, which includes additional spending on welfare and green investments, and which the finance ministry said will a neutral impact on the economy.

The government didn’t disclose the reason behind the lower funding requirement. The economy ministry is due to present new economic forecasts on Tuesday in Copenhagen. 

In net terms, Denmark will need a negative 45 billion kroner in 2024, having previously estimated a negative requirement of 32 billion kroner. A negative number means the government has a surplus that doesn’t need to be covered by outside funding.

For 2023, the government now sees its total financing need at 89 billion kroner, from a 107 billion kroner estimate in August, while its net requirement will reach a negative 35 billion kroner, from negative 14 billion kroner seen previously.

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