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Czech Cabinet Approves $446 Million Savings Measures

Jan. 16 (Bloomberg) -- The Czech government approved a series of measures to cut budget spending and raise revenue totaling 8.6 billion koruna ($446 million) in 2014.

The program, endorsed at a weekly meeting in Prague today, will streamline operations of ministries and includes sales of redundant property, the government said in an e-mailed statement.

The plan is a part of Prime Minister Petr Necas’s effort to cut the public-finance gap as the Cabinet seeks to bring the shortfall to less than the European Union limit of 3 percent of economic output in 2013. The ceiling for this year’s central-budget deficit is 100 billion koruna.

To contact the reporter on this story: Peter Laca in Prague at placa@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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