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Czech News in English » Business » Finance » Czech government has already spent more than CZK 100 billion fighting coronavirus

Czech government has already spent more than CZK 100 billion fighting coronavirus

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In an effort to stem economic damage from the coronavirus pandemic, the Czech government has spent more than 100 billion Kč on various forms of stimulus, with at least 170 billion Kč more to come.

Alena Schillerová, minister of finance for ANO, said on Sunday:

“Just in direct support alone, we’ve taken 270 billion Kč worth of stimulus measures, which is already being distributed. Our goal is to implement all our relief programs in the shortest possible time.”

The anti-covid-19 measures come amid a massive drop in tax revenues, causing a widening of budget deficits across the board. The government has paid at least 13.3 billion Kč in compensation to self-employed people, additional 6.8 billion Kč was paid from local municipal and regional governments.

On Wednesday, applications for new compensations began for self-employed persons, small businesses, and contractors affected by coronavirus restrictions, which is a humble 500 Kč per day between October 5 and November 21, or a maximum of 48 days.

The Czech government also spent at least 14 billion Kč waiving social security premiums and employment policies that employers normally have to pay, and another 14.3 billion Kč on relieving self-employed persons of paying minimum advances for social and health insurance.

On top of the various subsidies and stimulus, the Ministry of Finance estimates that deferrals of tax advances have cost at least 32.8 billion Kč.

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