BARCELONA — In the most dramatic film-sector budget cut to date in deficit-crunched Spain, Valencia’s regional government has pulled the plug on the Valencia Action and Adventure Film Festival, commonly known as the Valencia Mostra.

Decision was announced Wednesday by Valencia’s mayor, Rita Barbera.

“The Mostra will be suspended for the next years, at least until the economy gets better,” Barbera said.

The Mostra was launched in 1980 as an artfilm fest devoted to cinema production from the Mediterranean rim.

After a roller-coaster existence with multiple changes of director, the Mostra had appeared to find a new life under director Salomon Castiel. It rebranded last October as an action and adventure fest, sparking more interest and attendance among locals.

In June, Valencia’s debt was estimated at €20.5 billion ($27.9 billion) by the Banco de Espana.

Fest’s $2.3 million budget was almost entirely covered by the Valencia Town Hall.

New Valencia regional topper Alberto Fabra who, like Barbera, belongs to Spain’s conservative Popular Party, announced stringent cuts to Valencia’s public budget in July.

(John Hopewell contributed to this report.)