Debt Portfolio Management Quarterly Review - December 2013

Dept 20 - Debt and Financial Assets Management Department
Dept 20 - Debt and Financial Assets Management Department

Published

  • Debt Portfolio Management
  • State Debt
  • Statistics

In 2013, the state budget ended in a deficit of CZK 81.3 billion, which resulted in its decline of CZK 18.7 billion compared to the budgeted amount of CZK 100 billion. In accordance with The Czech Republic Funding and Debt Management Strategy for 2014, this difference will be reflected in the higher available cash reserve at the end of 2013, which amounted to CZK 62.7 billion, and will be fully used to cover financing needs in 2014. The lower decrease of cash reserve due to the lower state budget deficit in 2013 will result in the reduction of the gross borrowing requirement of the central government in 2014 to CZK 350.1 to 381.4 billion under the alternative scenario of funding programme. The reduction of the gross borrowing requirement of the central government implies the decrease of the maximum nominal value of the gross issue of medium-term and long-term government bonds on domestic market, which will not exceed CZK 262 billion.

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Published on January 10, 2014 by Funding & Portfolio Management, Ministry of Finance.