Cabinet told to change SPP money plan

THE COUNCIL of Economic Ministers, a senior cabinet body, has recommended the government put Sk52.8 billion rather than a suggested Sk20 billion toward paying down state debt from the $2.7 billion sale of gas utility SPP. Cabinet is to discuss the matter April 24.

A controversial proposal by the FNM state privatisation agency to allot only Sk20 billion of the SPP proceeds had gone against the recommendations of the central bank and international institutions that more money be used to repay debt. The FNM assigned about Sk45 billion to development programmes and paying down debt in unreformed sectors of the economy such as health care.

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