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Privatisation proceeds to pay off national debt

Finance Minister Brigita Schmögnerová has said that proceeds from privatisations in 2002 will be used exclusively to pay down the national debt and to reform the pension system, rather than as this year for development projects.

At its regular sitting, cabinet also increased its revenue target for the 2002 state budget by 6.1 billion crowns ($122 million), largely in accordance with new tax income expectations, and earmarked the extra money for highway building and regional state offices.

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