The Czech Ministry of Finance has been on a bond-selling spree to raise the funds it needs to pay for the support it’s promised to companies and people hurt by the pandemic. Yesterday, it managed to sell CZK 73.9bn in treasuries, far more than the CZK 12bn it had planned to move. The result means the ministry has secured 88.4 percent of the CZK 510.3bn it needs to finance the CZK 300bn deficit in the state budget, according to the Czech News Agency. This is fortunate, as the state is handing out tax breaks and loan guarantees right and left. This week, parliament approved a measure allowing breweries to get back the VAT they paid for beer they were unable to sell when the bars and restaurants were closed. It also agreed to continue paying self-employed people who are unable to work CZK 500 per day after the originally planned date of April 30 until all government restrictions are lifted. The government also approved CZK 150bn in guarantees for small and medium sized companies that should generate CZK 600bn in loans.
