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Slovakia to borrow hefty sum abroad

SLOVAKIA plans to borrow at least €1 billion (Sk39 billion) in the first half of 2006, the SME daily reported.

According to Tomáš Kapusta from the state agency for the management of debt and liquidity (ARDAL), Slovakia wants to gain a greater investor base abroad for Slovak securities before adopting the euro. By borrowing, the country will be in a position to easily place its new issues of securities on the European markets in 2009, the date planned for adopting the euro.

ARDAL thinks that borrowing money abroad will cost the state less than issuing bonds on the domestic market.

ARDAL is not ignoring the domestic market, however. It plans to issue Sk70 billion (€1.8 billion) in bonds on the domestic market because, according to Kapusta, “there is a lack of investment opportunities”.

Compiled by Martina Jurinová from press reports
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