Belfius privatisation, students stranded in Gaza and flights over Brussels: the federal government’s agenda for its return

Belgium’s federal government is returning from its summer break with a €10 billion problem and a crowded political agenda. Prime Minister Bart De Wever is beginning bilateral meetings to prepare a multiyear budget path, while a restricted cabinet meeting is expected to address several contentious files.

Before the holidays, the government agreed that it must find €10 billion by 2029 to prevent public finances from slipping further and to preserve the confidence of financial markets. Some partners view the exercise as resembling a new coalition agreement. A budget conclave is planned for the end of September, and the Arizona coalition partners face pressure to reach a deal by mid-October.

De Wever is due to deliver his traditional policy speech to the Chamber on October 13. In the following days, he must submit his budget outline to the European Commission. People close to him have made clear that he does not intend to repeat last year’s delays or begin 2027 under provisional monthly budgets.

The government will also return to the annualisation of working time, a project led by Minister David Clarinval. A dispute between Vooruit and the MR had stalled the draft law, which the liberals eventually linked to a ban on imports of products from Israeli settlements. The text passed a second reading, but disagreement remains over measures intended to offset any loss of purchasing power. The Socialists are calling for a bonus.

Partial privatisation of Belfius is also back on the agenda. The process, overseen by SFPIM, is expected to raise about €2 billion through a sale to institutional investors rather than a stock-market listing. CVC and Worxinvest have been mentioned as possible candidates. The MR wants to combine the operation with a merger between Belfius and Ethias, but an SFPIM-appointed expert said the two procedures cannot be conducted together. Finance Minister Jan Jambon will nevertheless sound out the Flemish and Walloon regions, which are co-shareholders in Ethias, about their intentions.

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If I were prime minister, I would have a different speech from Bart De Wever to mobilize my population…