Spectator on facebook

Spectator on facebook

EC: Slovakia on its way to correcting excessive public finance deficit

SLOVAKIA is on its way to correcting its excessive public finance deficit by 2007. However, structural adjustment should be strengthened to ensure a larger margin of correction in 2007 and speed up the progress towards the medium-term objective, reads the latest report by the European Commission (EC).

"Slovakia's immediate challenge is to ensure correction of its excessive deficit by 2007 by a larger margin and strengthen its structural budgetary adjustment in the following years to be able to face possible challenges in less positive periods of the economic cycle", said Economic and Monetary Affairs
Commissioner Joaquín Almunia.

The European Commission evaluated Slovakia's updated convergence program for 2006-2009. According to the program, the Slovakia's general state deficit (including the cost of the pension reform) should decrease to 2.9 percent of GDP this year from 3.7 percent of GDP in 2006.

In the following years the deficit should gradually go down to 2.4 percent of GDP in 2008 and 1.9 percent of GDP in 2009. This should help Slovakia adhere to the scheduled date for joining the euro zone on January 1, 2009.

Slovakia submitted a new update of its convergence program on 1 December 2006, covering the period 2006-2009. The program aims to correct the excessive deficit by 2007, relying on expenditure restraint.

Top stories

How to sell Slovak books to English readers

Slovak literature makes it to the big bookstores of London, but it is unlikely to become a bestseller yet.

On Wednesday, Slovak literature will be presented in one of the biggest bookstores in London. Among the new books translated into English is also the anthology of current Slovak prose selected and translated by Magdalena Mullek and Júlia Sherwood.

Slovakia vies for medicines agency

What chances does the country have at winning the seat of the prestigious European Medicines Agency that needs to relocate from London?

Illustrative stock photo

Vote-buying scandal lands village mayor in court

Some Roma claiming the mayor of Gemerská Poloma, Miroslav Michalka was buying votes, have changed their testimonies.

Stanislav Kučerák (blue shirt) is a key witness in the vote-buying case.

British embassy opens condolence book

The book will be opened for two days.

Floral tributes are laid out in Manchester, England, on May 23, 2017, the day after the suicide attack at an Ariana Grande concert that left 22 people dead as it ended on May 22 night.