ECONOMIC BRIEFS

Slovakia to borrow 6.7 billion crowns for highway construction

Minister of Transport Gabriel Palacka said on March 24 that Slovakia would borrow 6.7 billion crowns ($165 million) from abroad for highway construction in 1999.

"In the first place, we will negotiate with international institutions such as the European Bank for Reconstruction and Development, European Investment Bank and the World Bank, because these usually offer the best conditions," Palacka told a news conference.

"However, we cannot rule out that some portion of the loans will be covered also from private banks," the minister added.

Palacka said the Slovak government was forced to revise the original highway construction timetable set by the previous government. "The plan to finish the Slovak highway network by the year 2005 was an unrealistic bubble," Palacka said.

The government of Prime Minister Mikulas Dzurinda that came to power last year has said it will cut back on

capital spending to help to cut the budget deficit to two percent from over five percent of gross domestic product.

Get daily Slovak news directly to your inbox

Top stories

News digest: Lockdown not out of the question, PM Matovič says

The overview of news from Wednesday, October 21, 2020.

PM Igor Matovič says lockdown is still in play.

A curfew for those who refuse testing? Lawyers and president have doubts

The government risks the Constitutional Court canceling the nationwide testing.

Illustrative stock photo

The cabinet approves plan for permanent kurzarbeit

The new fund is expected to be introduced from 2022.

Labour Minister Milan Krajniak