Portuguese gov't approves draft state budget for 2016
Xinhua, February 5, 2016 Adjust font size:
Portugal's Socialist government approved on Thursday the draft state budget for 2016 which is to be submitted to the Parliament on Friday.
The draft state budget was approved after a six-and-a-half-hour meeting of the council of ministers, according to Portuguese Lusa News Agency.
Portuguese Finance Minister Mario Centeno will outline the details of the draft budget at a news conference after its submission to parliament on Friday.
In recent days negotiations over the draft budget have been going on between the Portuguese government and the European Commission officials with the European Union executive body expected to issue its formal opinion on the budget proposals on Friday.
Minister of Finance Mario Centeno presented Wednesday the draft budget to the political parties represented in Parliament.
Portugual's lawmakers said after the presentation that the Socialist government will increase taxes on oil products, automobiles and the banking sector in the delayed budget due to the inclusive parliamentary elections in October last year.
With these measures, the Socialist government led by Prime Minister Antonio Costa will expect to meet European Commission's requirement of further reduction of the deficit. Enditem