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State to borrow 89 billion Sk to repay debt principal

Finance Minister Brigita Schmögnerová said on February 15 the government would borrow 88.8 billion crowns ($2.32 billion) in 1999 to meet payments on the state debt principal.

"It is a result of continuing growth in state indebtedness in the last few years," Schmögnerová said. She said 83.3 billion Sk would go for payments on the principal on domestic debt and 5.4 billion for foreign debt. "Together this represents 88.8 billion Sk which the state will have to borrow," she added.

The proposed state budget includes a further 20 billion crowns for state debt interest payments, Schmögnerová said.

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