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FinMin Confirms 2024 Budget Plan Assumes CZK252bn Deficit, Pavel Yet To Sign Pension Reforms

CZECHIA
  • Czechia's Finance Ministry submitted the 2024 budget draft to the government. In line with earlier reports, the spending plan assumes a deficit of CZK252bn, a 15% reduction from this year's CZK295bn. Finance Minister Zbynek Stanjura said that the details of the budget draft may still change, but he expects the deficit target to remain as it is. The Cabinet will now discuss the spending plan internally, before submitting it to parliament by the end of September.
  • It remains unclear if President Petr Pavel will sign the government's pension reforms into law after missing the deadline, which would allow the measures to take effect from this month and thus influence January pension indexation. His spokesperson last night announced that the President will hold off on signing the legislation and will explain his reservations today. The situation represents Pavel's first serious clash with the government and throws sand into the gears of its fiscal consolidation plans.
  • Czechia's S&P Global Manufacturing PMI will be published at 08:30BST/09:30CEST. Consensus expects the index to print at 41.8, up from the previous month's 41.4.
  • Later in the day, at 13:00BST/14:00CEST, Czechia will report its monthly budget balance. In July, the fiscal gap was CZK214.1bn.
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