Czech state debt to exceed Kc2,000bn by end-2016 --FinMin

České bankovky, koruny, muzeum České národní banky, bankovní trezor - ilustrační foto.

published: 16.12.2013, 15:13 | updated: 16.12.2013 15:16:15

Prague - Czech state debt should exceed Kc2,000bn by the end of 2016, according to the Funding and Debt Management Strategy made public today.

As of the end of September 2013, state debt was worth Kc1.654bn and the Finance Ministry estimates that it will rise to Kc1.681bn in the rest of the year.

The growth in state debt this year is to be the lowest since 1996, the ministry said.

The debt to GDP ratio is to grow from this year´s 43.6 percent to 48.3 percent in 2016.

Total public debt by the EU method, consisting of the debt of the central government and debts of health insurers, off-budget funds and local budgets, is to rise from this year´s estimated 46.1 percent to 47.9 percent of GDP in 2014.

Next year it should increase to 49 percent and in 2016 to 49.9 percent. For euro adoption, it is necessary to keep the level of 60 percent at most.

The Finance Ministry wants to borrow Kc398.5bn next year, according to the strategy. This, as the ministry said, is Kc9bn less than this year.

State debt development (Kc bn):

2012 2013* 2014** 2015** 2016**
1,667.6 1,681.1 1,794.7 1,916.1 2,036.9

 

*forecast

** plan

Source: Finance Ministry

Author:
www.ctk.cz

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