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CZECHIA: Finance Minister Refuses To Rule Out Further Spending Cuts

CZECHIA
EM BulletBulletEmerging Market NewsCentral and Eastern EuropeCzechia
  • Finance Minister Zbynek Stanura admitted that there is a degree of uncertainty around certain revenues pencilled into the 2025 state budget. The issue was flagged by President Petr Pavel and his advisors, but the head of state signed off on the spending plan nonetheless. Stanjura told Seznam Zpravy that if these revenues fail to materialise by the middle of the year, further cuts will be needed to preserve the agreed deficit target. The official noted that negotiations on the budget were particularly difficult as various ministers wanted to "get as many things done as possible in an election year."
  • President Petr Pavel will give an interview on the upcoming parliamentary election, war in Ukraine and his expectations ahead of Donald Trump's second term. Sources told Seznam Zpravy that Pavel will not seek closer relations with Trump and will leave it to the cabinet to pursue diplomacy on that front, with PM Fiala seeking a bilateral meeting with the new POTUS before this autumn's parliamentary election.
  • Macroeconomic data released yesterday fell on the dovish side, with industrial output shrinking more than forecast in November, which was coupled with an in-line uptick in the unemployment rate in December.
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  • Finance Minister Zbynek Stanura admitted that there is a degree of uncertainty around certain revenues pencilled into the 2025 state budget. The issue was flagged by President Petr Pavel and his advisors, but the head of state signed off on the spending plan nonetheless. Stanjura told Seznam Zpravy that if these revenues fail to materialise by the middle of the year, further cuts will be needed to preserve the agreed deficit target. The official noted that negotiations on the budget were particularly difficult as various ministers wanted to "get as many things done as possible in an election year."
  • President Petr Pavel will give an interview on the upcoming parliamentary election, war in Ukraine and his expectations ahead of Donald Trump's second term. Sources told Seznam Zpravy that Pavel will not seek closer relations with Trump and will leave it to the cabinet to pursue diplomacy on that front, with PM Fiala seeking a bilateral meeting with the new POTUS before this autumn's parliamentary election.
  • Macroeconomic data released yesterday fell on the dovish side, with industrial output shrinking more than forecast in November, which was coupled with an in-line uptick in the unemployment rate in December.