Finance Minister says further budget cuts of 30 billion Czech crowns necessary

08-01-2012

Finance Minister Miroslav Kalousek has announced that additional cuts of 30 billion Czech crowns will have to be made to the 2012 state budget. In a debate program on Czech TV on Sunday, Mr. Kalousek said that cuts would have to be made in administration and government budgets and that the state would also have to freeze some of its investments. The Finance Ministry is set to present its further austerity measures at the end of this month.

The 2012 state budget deficit of 105 billion crowns was approved in December. However, it was tailored to April’s growth forecast and MPs conceded that it would most likely have to be revised.