June 26, 2020 / 2:33 PM / a month ago

Czech government has covered big portion of 2020 financing needs, ministry says

PRAGUE (Reuters) - The Czech Republic’s financing needs for 2020 have risen to 730.6 billion crowns ($30.6 billion), or 13% of its expected economic output, as the government ramps up spending to cushion the blow from the coronavirus crisis, the Finance Ministry said on Friday.

The ministry launched a record borrowing spree in March. It said in an updated funding strategy on Friday that it had covered around 77% of its total 2020 crown-denominated financing needs in the first half, leading to expectations of “smooth coverage” for the rest of the year.

The higher financing needs come as the deficit in the central state budget has ballooned to an expected 500 billion crowns, a target for which the government is currently seeking lawmakers’ approval.

Reporting by Jason Hovet and Robert Muller; Editing by Hugh Lawson

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