Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Czech opposition parties plan lower 2022 budget deficit after election win

10/17/2021 | 08:24am EST

PRAGUE, Oct 17 (Reuters) - Czech opposition parties seeking to form a new government will aim to rework the 2022 budget to cut the planned deficit to below 300 billion crowns ($13.72 billion), a top party leader said on Sunday.

Petr Fiala, leader of the centre-right coalition Together which defeated Prime Minister Andrej Babis's ruling ANO party in an Oct. 8-9 election and plans to form a new government with the Pirate/Mayors group, told a Czech Television debate show that they would reject the current administration's budget plans.

That means the budget is unlikely to be approved before year-end, causing the country to revert to a provisional plan that limits discretionary spending. Fiala said a provisional budget for up to two months would not cause a problem.

Babis's government has proposed a 376.6 billion crown deficit in 2022, similar to the record gap seen in 2020 after the start of the coronavirus pandemic and the expected gap seen in 2021 as spending stays high.

"A deficit like this is not possible," Fiala said. "We have to count on a provisional budget, but of course it is in everybody's interest to have the amended budget accepted at the soonest." He said changes could be done in weeks.

When asked if the 2022 deficit could be below 300 billion crowns, Fiala said he would like ministries to seek operational savings of around 6%, which he said could cut the deficit by almost 100 billion crowns.

Fiala said the parties making up the future administration did not want to raise taxes as part of their plans.

Babis's government has faced criticism for driving up budget deficits and state debt with a record income tax cut and pension and public wage hikes on top of pandemic spending. ($1 = 21.8710 Czech crowns)

(Reporting by Jason Hovet; Editing by Jan Harvey)


ę Reuters 2021
Latest news "Economy & Forex"
05:05pHealth Care Ticks Down As Sector Seen Resilient to Omicron Fears - Health Care Roundup
DJ
04:56pJACK DORSEY : Jack Dorsey chases crypto, fintech dream post Twitter
RE
04:52pU.s. cdc says delivered 573,238,255 doses of covid-19 vaccine as of nov 30 vs 570,662,725 doses as of nov 29
RE
04:52pU.s. cdc says 233,207,582 individuals have received at least one dose of covid-19 vaccine as of nov 30 vs 232,792,508 individuals as of nov 29
RE
04:52pU.s. cdc says 197,058,988 individuals have been fully vaccinated against covid-19 as of nov 30 vs 196,806,194 individuals as of nov 29
RE
04:52pU.s. cdc says administered 460,773,508 doses of covid-19 vaccine as of nov 30 vs 459,234,791 doses as of nov 29
RE
04:52pU.s. cdc says as of november 30, 41,126,064 people received a booster dose for covid-19 vaccine since august 13, 2021
RE
04:51pU.S. FDA advisers recommend authorization of Merck's COVID-19 pill
RE
04:50pU.s. fda advisers vote to recommend authorization of merck's oral pill for treatment of mild-to-moderate covid-19 in adults at high risk of progressing to severe disease
RE
04:49pWall St ends lower as taper acceleration worries pile onto virus angst
RE
Latest news "Economy & Forex"