Portugal’s minority government said it’s awaiting ongoing negotiations with the opposition Socialist Party before it presents a final proposal for the 2025 budget.

Portugal's minority centre-right government has watered down its proposals for two major tax cuts, aiming to convince the main opposition Socialists to allow the passage of the 2025 budget in parliament.

Portuguese Prime Minister Luis Montenegro said he’s available to keep talking to the Socialist Party about the 2025 budget after his minority government offered concessions to try to get parliamentary backing from the biggest opposition group.

Portugal’s biggest opposition party said it’s “on the path” to let the minority government’s 2025 budget pass in parliament after the two sides made progress in negotiations.