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On 27 September 2023, the Czech government approved the draft state budget for 2024, which assumes a deficit of CZK 252 billion. The Czech Fiscal Council (CFC) comments on this.

GIS reports, 03.10.2023 – gisreportsonline.com. The European Union’s fiscal rules have been inactive for years. While reforms have been proposed, their success is yet to be seen. For more than three years now, all the basic rules of budgetary responsibility in the European Union have been effectively switched off. In March 2020, at the beginning…

One of the key tasks of the Czech Fiscal Council (CFC) under Act No. 23/2017 Coll., on the Rules of Budgetary Responsibility, as amended (the Act), is the regular annual preparation of the Report on the Long-Term Sustainability of Public Finances (the Long-Term Sustainability Report) and its submission to the Chamber of Deputies of the…

Pursuant to the Section 21(2)(c) of Act No. 23/2017 Coll., on the Rules of Budgetary Responsibility, as amended, the Czech Fiscal Council (CFC) monitors general government finances. As part of this activity, it also seeks to identify risks that may negatively affect the stability of public budgets in the short, medium and long term. Since…

Opinion of the CFC No. 3/2023 on the determination of the expenditure frameworks of the state budget and state funds for the years 2024 to 2026. Czech Fiscal Council: I. expresses a dissenting opinion pursuant to Section 12(5) of Act No. 23/2017 Coll., on the Rules of Budgetary Responsibility, as amended (hereinafter referred to as…

Opinion of the CFC No. 2/2023 on general government finances and fiscal and budgetary policy Pursuant to the Section 21(2)(a) of Act No. 23/2017 Coll., on the Rules of Budgetary Responsibility, as amended, the Czech Fiscal Council (CFC) monitors general government finances. As part of that work, it also strives to identify risks and threats…

Reuters, 18.03.2023 – reuters.com The Czech government needs to dig deeper than it plans to shore up the state budget which has fallen to record deficits, and must act fast as the next election approaches, a senior budget watchdog official told Reuters. The centre-right government of Prime Minister Petr Fiala plans to cut budget deficit…

Opinion of the CFC No. 1/2023 on general government finances and fiscal and budgetary policy.Pursuant to Section 21(2)(a) of Act No. 23/2017 Coll., on the Rules of Budgetary Responsibility, as amended, the Czech Fiscal Council monitors general government finances. As part of that work, it also strives to identify risks and threats that may have…

Opinion of the CFC No. 7/2022 Concerning the development of public sector finances and the set-up of fiscal and budgetary policy. Pursuant to Section 21(2)(a) of Act No. 23/2017 Coll., on the Rules of Budgetary Responsibility, as amended, the Czech Fiscal Council monitors general government finances. As part of that work, it also strives to…

The Czech economy, like most economies around the world, was still being affected by the COVID-19 pandemic in 2021. Government budgets again ended in a large deficit, even though the economy returned to a growth path. This was due mainly to the adoption of a range of structural revenue and expenditure measures, some of which…

The 2022 Report on the Long-Term Sustainability of Public Finances (the “Report”) was prepared at a time when the economy had recovered from the immediate consequences of the COVID-19 pan- demic. However, the pandemic significantly affected public finances on both the revenue and expenditure side. Scarcely had the situation started to calm down after the…

8 September 2022, Pursuant to Section 21(2) (a) of Act No. 23/2017 Coll., on budgetary responsibility rules, as amended, the Czech Fiscal Council monitors the development of public sector finance. Within the framework of that work, it also strives to identify risks and threats that may have an adverse impact on public budget stability in…