Czechs aim for reduced EU recovery fund loan.
Government of Czech Republic to Scale Back EU Loan for COVID Recovery
The Czech government has announced that it will reduce its planned loan from the European Union’s post-COVID recovery fund. Initially, the loan was set at 137 billion crowns, but it will now be scaled back to 19.4 billion crowns, according to Industry Minister Jozef Sikela. The decision was made after consultations with the European Commission, which determined that some of the necessary funding could be obtained through other channels.
The decision to reduce the loan amount comes after criticism from non-government economists who argued that it would increase debt and deficits in the coming years. The government is already proposing tax hikes and spending cuts to address the budget gap.
The loan will be sourced from the EU’s Recovery and Resilience Facility (RRF), in addition to the grants already provided. The government aims to secure an additional 33.4 billion crowns in grants.
Industry Minister Jozef Sikela explained, “The lowering follows consultations with the European Commission which clearly showed that some type of projects will better be financed from the state budget or, such as in transportation projects, through loans from the European Investment Bank.”
The loan will be utilized for projects related to digitalization, development of computer chips, and affordable housing.
(1 euro = 24.0769 Czech crowns)
(Reporting by Jan Lopatka; Editing by Bernadette Baum)
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