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SPP money goes to debts, pensions

THE GOVERNMENT has decided to use Sk50 billion of almost Sk130 billion ($2.7 billion) in proceeds from the sale of a minority stake in gas utility SPP for paying down state debt, in line with the advice of international financial bodies.

Another Sk65 billion will go toward launching pension reform, Sk4.1 billion for hooking up municipalities to gas mains, Sk5.1 billion to cover state-guaranteed debts, Sk2.2 billion for health care debts and Sk700 million for the debts of the state rail company, ŽSR. Of the Sk50 billion debt payment, the government has not decided whether the money will be used to pay down foreign or domestic obligations.

The decisions must still be approved by parliament to be valid.

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