The Federal Budget Minister Vincent Van Peteghem (Flemish Christian democrat) has told the Federal Parliament’s Finance Select Committee that the federal government will submit Belgium's budget plans for the coming years to the European Commission by the end of this week or at the very latest early next week.
Government to submit budget plans to European Commission at the latest early next week
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Belgium should have submitted its budget plan for the coming years including measures to reduce the budget deficit back in September. However, as the negotiations on the formation of a new federal government were still ongoing, Belgium was unable to meet the European Commission’s deadline and was given until mid-March to submit its budget plan.
On Tuesday morning the Budget Minister told the Finance Select Committee of the Federal Parliament that this deadline will be met. “We are later than many other countries, but this is in line with the agreements with the European Commission regarding this by the previous government”, Mr Van Peteghem said. He added that talks with the European Commission on technical issues with regard to the budget are already under way.
Once the plan has been submitted the European Commission will take six weeks to review it. Due to continued absence of a multi-year budget plan, at the end of last year the European Commission ordered Belgium to eliminate its excessive budget deficit within 4 years.
However, the federal government that took office at the start of last month hopes that this deadline will be extended to 7 years. The European Commission has already showed willingness to adjust the trajectory if Belgium can present a credible reform and investment plan.
Mr Van Peteghem plans to present a fully-fledged 2025 budget to parliament sometime during the latter half of April.