SPP money to go to domestic debt

THE FINANCE Ministry has decided to use Sk50 billion ($1.07 billion) from the sale of a stake in the SPP gas utility to pay down domestic rather than foreign debt despite objections from the central bank, and despite the fact that Sk36.3 million in foreign debt (eurobonds) matures in May 2003.

Over Sk36 billion of the money will go to cover last year's fiscal deficit, while Sk15.6 billion will be used to pay off state paper that matures this year.

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