State deficit tops one trillion crowns

The national deficit of the Czech Republic has grown by nearly one billion crowns since the start of this year. Data from the first quarter of 2009 released by the Ministry of Finance puts the country’s deficit at one trillion Czech crowns, or 96,000 crowns per citizen. The ministry has also raised the amount it expects to borrow this year. While the state deficit management and financing strategy from December estimated loans of nearly 150 billion for 2009, the amount now required due to the global financial crisis is expected to equal some 280 billion crowns.