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Government: state debt could sink to 2.7 percent

The state deficit should be lower this year than the originally budgeted 2.9 percent of GDP, the Slovak Finance Ministry predicted in its latest Report on Macroeconomic Environment and the Development of Public Finance in Slovakia in the First Half of 2007, and the Forecast of Development to Year-end, which was approved by the Government on August 1.

According to the ministry, the public administration deficit will peak at the end of this year, but lower by Sk4 billion (€119 million), to finish at Sk48.8 billion. Thus, it will reach a 2.7-percent share of the GDP. However, the ministry isn't quite satisfied with the development of public finance, and sees several risks ahead.

The approved report assumes that the state budget will contribute to reducing this year's deficit by some Sk4.8 billion, mainly in order to save the expenses for settling state debt, and higher tax-related incomes.

Apart from that, an improvement of the National Property Fund (FNM) balance by Sk2.9 billion is expected, mainly thanks to higher-than-budgeted dividends, which will add some Sk2.7 billion. Better management is also expected at the Social Insurance company. It will save Sk700 million overall and Sk500 million in the state funds.

Compiled by Zuzana Vilikovská from press reports
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