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Czech government debt largest in history

Debt

Photo by AlexLMX/Shutterstock.com

The Czech Republic’s government debt rose by CZK 516.7 billion to a total of CZK 2.16 trillion (some EUR 81.13 bln), the Ministry of Finance has announced, Czech Radio reports. It is the highest level yet recorded in the history of the country. 

Graphic by AlexLMX / Shutterstock.com

In June, the ministry’s financing strategy projected that government debt at the end of 2020 would lie at CZK 2.12 tln.

The skyrocketing of debt is primarily the result of the ministry issuing bonds to cover for this year’s budget deficit, which has risen from the originally planned CZK 40 bln to CZK 500 bln mainly thanks to a combination of coronavirus related relief measures and investments, Czech Radio said on July 16.

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