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Belgium not to balance budget before 2019

Xinhua, April 19, 2017 Adjust font size:

Belgian budget minister Sophie Wilmes said Wednesday that Belgium's plan to balance the budget by 2018 would not be achieved before 2019, local media reported.

"This would allow us to continue the fiscal consolidation and the reforms that are necessary to economic recovery and job creation," said Wilmes, as quoted by 7sur7.be.

The postponement of the budgetary balance to 2019 was also prescribed at the beginning of the month by the Superior Council of Finance (CSF), which stated in a report that Belgium could meet its commitments concerning the debt by 2019.

The federal government wishes to increase its structural balance by 0.6 percent in 2018 and by 0.3 percent in 2019 in order to achieve a budgetary balance.

"Since 2014, our structural deficit has significantly decreased. We should be under 1.0 percent structural deficit by the end of 2017," said Wilmes in a communique.

A cooperation committee will be held on April 26 to discuss proposals on the budget path among the different entities of the country. Belgium must hand a report to the European Commission before April 30 to present its mid-term financial prospects. Endit