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Slovakia to ask World Bank for inclusion among developed economies

Slovakia's recent successful macroeconomic development as well as the planned adoption of the euro in 2009 lay good foundations for the reconsideration of Slovakia's status in the World Bank (WB), according to a proposal that was approved by the Slovak government on April 8, the TASR newswire wrote.

Slovakia's recent successful macroeconomic development as well as the planned adoption of the euro in 2009 lay good foundations for the reconsideration of Slovakia's status in the World Bank (WB), according to a proposal that was approved by the Slovak government on April 8, the TASR newswire wrote.

As a result, Slovakia should be shifted from its current position among developing countries and states undergoing economic transformation to the group of countries with advanced economies. This will shift Slovakia from a recipient of international assistance to a donor.

The re-classification of a country's status presupposes several pre-requisites that include a certain level of income per capita, no drawing of new loans from the WB, and problem-free access to capital markets. According to the Ministry of Finance, the country has complied with all these conditions.

If Slovakia's graduation is completed, Slovakia will be acknowledged as a developed country, which will provide a good signal for foreign investors and the global financial market, the ministry stated.

Central and Eastern European countries that have gone through this process include Slovenia (2004), the Czech Republic (2005), Estonia, Lithuania (both 2006) and Hungary (2007). The WB now predicts Slovakia will follow (roughly at the time of its adoption of the euro). TASR

Compiled by Zuzana Vilikovská from press reports

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