Financial and business news from Bulgaria

Croatia Needs $10 Billion to Deal with Coronavirus Crisis

Croatia will need around 70 billion kunas ($10 billion) over the next few months to finance measures to combat the crisis caused by the COVID-19 pandemic, Finance Minister Zdravko Maric said today, as quoted by Reuters.
The government has already taken some measures to support the economy, including writing off tax liabilities or deferring tax payments over the next three months. The state will also pay a portion of employee salaries to companies in difficulty.

Later this week, the government plans talks with trade unions on possible public sector pay cuts.

"We will need between 65 and 70 billion kunas to finance our needs in the next three months, "Maric said in an interview with N1 TV television. “We are looking for funds now mainly in the internal market, but we will also turn to the international market and financial institutions,” BTA quoted him as saying.

Prior to the coronavirus crisis, Croatia planned budget expenditures of 147.3 billion kunas in 2020.

The country, which has been blocked since mid-March, has 1282 cases of COVID-19 and 18 deaths confirmed, BTA recalls.

Its tourism industry, which generates almost a fifth of gross domestic product, has been hit hard by the global pandemic. Foreign tourists alone bring the country more than 10 billion euros a year.

Maric said the government would also rely on EU funds to deal with the crisis.

"We are already considering some post-crisis measures because then we will need to be ready with the measures to stimulate the economy”, the minister said.

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