BUSINESS BRIEFS

World Bank lends Slovakia $23.5 million

THE WORLD Bank has approved a credit line of $23.5 million for the Slovak Republic. The finances will help the Slovak government reform the social security system. Under this system, the current one-pillar pension system will be reformed into a scheme with several financing pillars. The project also should improve the collection and administration of social security contributions and strengthen the capacities of the Ministry of Labour, Social Affairs, and Family, social security provider Sociálna Poisťovňa, and the National Labour Office. Money from the credit line will be released gradually over a five-year period ending on December 31, 2007.

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