The Chamber of Deputies passed the amendment to the Act on State Budget for 2013 in the first reading. The amendment primarily increases budget money of the Export Guarantee and Insurance Corporation (Exportní garanční a pojišťovací společnost, EGAP). The EGAP provides financial security for the export activities. The increase in insurance capacity of the EGAP is about 10 bln CZK. The amount of money, that the EGAP may provide, positively influences the amount of exported goods. The Ministry of Finance reflects the positive adjustment of the growth of the Czech export that was announced at the beginning of the year. The Ministry of Finance explains the adjustment of the state budget as favoring the export and economic growth.
Considering arguments of the first reading and governmental (as well as oppositional) stances to economic policy, the increase of the EGAP budget could be easily passed in further readings (for the discussion, click here).
The Bill is heading to the Committee on Budget. For further reading, click here.