Category: budget
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France asks EU to let it delay submitting budget deficit plan, La Tribune reports By Reuters
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PARIS (Reuters) – France has asked the European Commission to extend the deadline for submitting a plan to cut the public deficit beyond Sept. 20 to ensure consistency with Paris’s draft 2025 budget, La Tribune du Dimanche newspaper reported on Sunday, citing the finance ministry. France’s budget deficit could rise…
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Smotrich’s 2025 budget plan: Tough measures to pay for war
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Finance Minister Bezalel Smotrich today presented his plan for the 2025 budget. “I pledge to do everything I can to achieve the deficit target of 4%,” Smotrich said. Smotrich outlined measures to achieve this, including freezing public sector salaries, tax brackets, allowances and pensions, increasing income tax on the lowest…
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Czech finance ministry submits 2025 budget draft to cut deficit by 9% By Reuters
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PRAGUE (Reuters) – The Czech finance ministry has presented a draft budget for 2025 with a 9% lower deficit to the government, saying it would bring record investment while narrowing the fiscal gap to around 2% of gross domestic product. The draft budget, presented at midnight on Saturday, projects a…
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Should Business Owners Be Worried About Rachel Reeves’ First Budget?
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As the leaves turn golden in October, businesses across the country are bracing for a political event that could redefine their futures: the unveiling of Rachel Reeves’ first budget as Chancellor of the Exchequer. A figure who rose through the Labour Party ranks on her reputation as a sharp-witted figure,…
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PM says Ukraine needs extra $15 billion to cover 2025 budget gap By Reuters
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KIEV (Reuters) – Ukraine needs an additional $15 billion to cover its budget deficit in 2025, Prime Minister Denys Shmyhal said on Tuesday. He said Ukraine estimates the total budget deficit for next year at about $35 billion, with plans to cover $20 billion. The Ukrainian government estimates the deficit…
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Cabinet approves extra NIS 3.3b budget for evacuees
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The Israeli government today approved a NIS 3.3 billion increase to the 2024 budget, as proposed by Finance Minister Bezalel Smotrich, most of which will be used to help the displaced. The proposal did not appear on the cabinet agenda today but was added at the last minute. The funds…
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I earn Sh1,500 daily. How can I budget so that I can save for my own matatu?
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I am a public service vehicle driver living in Eldoret. I earn 1500 shillings daily, which is 39000 shillings monthly. I get paid daily. I have a wife and three children. Two of my children are in government primary school (grade 5 and 3) while the last born is starting…
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Should Budget Commissioner quit or back down?
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Finance Minister Bezalel Smotrich wrote a letter to Budget Commissioner Yogev Gradus, saying: “As long as you do not agree with my economic policy and believe that you are having difficulty implementing it, you are welcome to step down. As long as you continue in your position, you are subordinate…
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BoI governor to PM: Get going on the budget
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Bank of Israel Governor Amir Yaron sent an extraordinary letter to Prime Minister Benjamin Netanyahu, calling on him to make progress in drafting the 2025 state budget. This comes after the budget was not approved by the government as scheduled on August 15, and reports that the government is considering…
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US federal budget deficit for July -$244.00 billion versus -$242.00 billion estimate
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US budget deficit in July: $244 billion, up 10% from a year earlier. The revised deficit would be $45 billion lower due to calendar differences. The deficit increase was mainly due to lower spending on benefits in July. Receipts and Expenses July revenue: $330 billion, up 20% year-over-year; adjusted increase:…
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Treasury prepares 2025 emergency budget cuts plan
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Israel’s Finance Ministry is quietly preparing a contingency budget plan for 2025 in case the government avoids passing the 2025 budget for political reasons, sources familiar with the situation told Globes. According to the original timetable, the government was scheduled to approve the budget proposal this week, but there is…
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Rachel Reeves hints at debt-to-GDP measure change to unlock £17bn for budget
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Chancellor Rachel Reeves has left the door open to amending a key measure on the UK’s debt, a move that could free up £17bn for her budget next autumn. During a trip to New York and Toronto, Reeves indicated she would clarify her fiscal rules in her first budget, amid…
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Cabinet approves budget cut, coalition funds left untouched
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The Israeli cabinet today approved a 1% budget cut for all government ministries except the Defense Ministry for the 2024 budget, including NIS 525 million originally earmarked to raise high school teachers’ salaries. The 1% budget cut is intended to finance the continued evacuation of residents in the north and…
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President Ruto announces Sh177bn budget cuts
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President William Ruto has announced Sh177 billion in spending cuts and Sh169 billion in additional borrowing to plug the budget gap left after the withdrawal of the 2024 Finance Bill. President Ruto said in a live address from State House that the government would present a proposal to the National…
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President Ruto directs Sh346 billion budget cut after Finance Bill rejection
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President William Ruto has directed the National Treasury to prepare a mini-budget for the financial year starting in July after rejecting the 2024 Finance Bill, which was expected to raise an additional Sh346 billion. President Ruto on Friday signed the 2024 Fiscal Appropriation Bill, which allows the national government and…
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Opposition fails to prevent transfer of NIS 874m to 2024 budget
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Today, the Knesset Finance Committee approved the transfer of a budget surplus of NIS 874 billion from 2023 to 2024. The discussions were marked by a bitter dispute between Knesset members from the coalition and the opposition, over the transfer of NIS 500 million of coalition funds in the midst…
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Storm over Sh200bn Treasury budget cuts amid blackmail claims
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Treasury Minister Njuguna Ndongo on Thursday sparked a storm in Parliament over his warning of Sh200 billion in budget cuts if MPs scrapped a handful of tax increases proposed in the Finance Bill, with lawmakers accusing him of blackmail. The threat of budget cuts came before the Finance Bill was…
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Storm over Sh200bn Treasury budget cuts amid blackmail claims
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Treasury Minister Njuguna Ndongo on Thursday sparked a storm in Parliament over his warning of Sh200 billion in budget cuts if MPs scrapped a handful of tax increases proposed in the Finance Bill, with lawmakers accusing him of blackmail. The threat of budget cuts came before the Finance Bill was…
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French election worries rekindle market memories of UK budget rout By Reuters
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By Yoruk Bahçeli and Dara Ranasinghe (Reuters) – As far-right and left-wing parties gain momentum ahead of snap parliamentary elections in France, putting pressure on President Emmanuel Macron’s centrist administration, investors are beginning to consider the risk of a budget crisis at the heart of the euro zone. The far-right…