Czech Minister Sees Deficit on Track to Meet $11 Billion Target

(Bloomberg) -- The Czech Republic appears to be on track to keep its full-year budget deficit within the approved limit of 252 billion koruna ($11.1 billion), according to Finance Minister Zbynek Stanjura.

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The cumulative shortfall widened to 210 billion koruna at the end of May, from 153 billion koruna one month earlier, data published on Monday showed. Still, the gap was about 60 billion-koruna smaller than in the first five months of last year and the country is entering “strong months” with quarterly payments of the value-added tax and income taxes of large corporations, Stanjura said on the social media platform X.

“The budget so far isn’t showing signs of exceeding the deficit of 252 billion koruna, although it will become clearer after the first half,” said the minister.

The center-right administration, in power since 2021, has been gradually curbing budget deficits as it made reversing a pandemic-era borrowing spree one of its top policy priorities. The budget shortfall totaled 289 billion koruna last year.

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