A Belgian business paper reported that the government could reduce its stake in the Belgacom Group. Citing sources from the Belgian government, newspaper daily De Tijd wrote that Belgium could hold on to a 50% plus one share stake. The government currently owns 53.51% in Belgium's largest telecommunications firm.

The business daily also reported that the stake sale would probably net around EUR 215 million or USD 284.33 million for the government. Belgium could use the funds to trim its debt, the newspaper said. The country's sovereign debt now comprised nearly 100% of its economic output year after year.

Foreign Minister Didier Reynders proposed Thursday that the government let go of its majority stake in Belgacom. Reuters reported that the small stake sale would be "less ambitious" compared to the proposal of Reynders.

The Belgacom Group provides fixed line communication, mobile communications and information and communications technology (ICT) services to its customers. Its subsidiaries include Belgacom, Proximus (Belgacom Mobile), Telindus (Belgacom ICT), Scarlet, Skynet and Tango.