Belgian Prime Minister Bart De Wever arrived at the Royal Palace on Monday to submit his government’s resignation to King Philippe after failing to reach an agreement on the country’s budget, local media reported.
Euronews reported that the government needs to save 10 billion euros to comply with the European Union’s spending limits.
Belgium’s budget deficit stood at 5 per cent last year, exceeding the EU’s permitted ceiling of 3 per cent.
The country’s public debt has also surpassed 735 billion euros, equivalent to more than 110 per cent of gross domestic product, compared with the EU’s permitted limit of 60 per cent.
The failure to reach a budget agreement has pushed up interest rates on government bonds, forcing Belgium to pay more to meet its debt obligations.
If the king accepts the resignation, new elections will be called, he may also reject it or postpone a decision.
