AGL 40.01 No Change ▼ 0.00 (0%)
AIRLINK 127.31 Decreased By ▼ -0.68 (-0.53%)
BOP 6.60 No Change ▼ 0.00 (0%)
CNERGY 4.51 Decreased By ▼ -0.09 (-1.96%)
DCL 8.55 Increased By ▲ 0.07 (0.83%)
DFML 41.95 Increased By ▲ 0.47 (1.13%)
DGKC 87.71 Increased By ▲ 1.13 (1.31%)
FCCL 32.70 Increased By ▲ 0.56 (1.74%)
FFBL 65.15 Decreased By ▼ -0.27 (-0.41%)
FFL 10.27 Increased By ▲ 0.02 (0.2%)
HUBC 109.90 Decreased By ▼ -0.59 (-0.53%)
HUMNL 14.62 Decreased By ▼ -0.13 (-0.88%)
KEL 5.12 Decreased By ▼ -0.01 (-0.19%)
KOSM 7.55 Increased By ▲ 0.43 (6.04%)
MLCF 41.60 Decreased By ▼ -0.05 (-0.12%)
NBP 59.80 Decreased By ▼ -0.29 (-0.48%)
OGDC 194.00 Decreased By ▼ -0.69 (-0.35%)
PAEL 28.25 Increased By ▲ 0.30 (1.07%)
PIBTL 7.87 Decreased By ▼ -0.13 (-1.63%)
PPL 151.85 Increased By ▲ 0.68 (0.45%)
PRL 26.47 Decreased By ▼ -0.41 (-1.53%)
PTC 16.10 Increased By ▲ 0.10 (0.63%)
SEARL 84.25 Increased By ▲ 6.05 (7.74%)
TELE 7.68 Increased By ▲ 0.29 (3.92%)
TOMCL 35.39 Decreased By ▼ -0.28 (-0.78%)
TPLP 8.12 Increased By ▲ 0.21 (2.65%)
TREET 16.08 Increased By ▲ 0.19 (1.2%)
TRG 52.70 Decreased By ▼ -0.06 (-0.11%)
UNITY 26.30 Decreased By ▼ -0.25 (-0.94%)
WTL 1.25 Decreased By ▼ -0.02 (-1.57%)
BR100 9,918 Decreased By -1.8 (-0.02%)
BR30 30,784 Increased By 32.7 (0.11%)
KSE100 93,556 Increased By 331.2 (0.36%)
KSE30 29,011 Increased By 125.8 (0.44%)

The Netherlands is on the brink of a period of deep government budget cuts as the government aims to cut up to 20 percent in spending in some areas to cope with the global recession, Dutch media reported.
The government will unveil its 2010 budget on Tuesday, but the major figures leaked out on Friday with media reports saying flat economic growth and a budget deficit of 6.3 percent of Gross Domestic Product (GDP) are expected in 2010.
The leaks continued on Saturday, when a newspaper and a TV station said they got their hands on the budget documents, revealing the government was looking at drastic cuts to improve its finances. "We know one thing: after the crisis we will encounter stubborn problems, particularly the labour market and government finances. Doing nothing is no option, difficult choices will be unavoidable," Finance Minister Wouter Bos was quoted saying in the budget documents by commercial broadcaster RTL 4.
The Dutch cabinet believes 'fundamental political reconsiderations' are necessary and wants a broad social debate about how the Netherlands can emerge in 2020 "cleaner, smarter, stronger, more solid and with greater solidarity". It has become almost an annual event for the budget to be leaked to the Dutch media prior to its official publication, with RTL especially successful in obtaining draft documents.
The Netherlands is the eurozone's fifth-largest economy and heavily reliant on trade, with exports equivalent to 70 percent of GDP. That has made the global recession's impact especially hard. The economy has contracted for five straight quarters and the government pumped more than 31 billion euros into the system to either buy or shore up struggling banks and insurers in the past year.

Copyright Reuters, 2009

Comments

Comments are closed.