Spectator on facebook

Spectator on facebook

Finance Ministry seeks €332 million savings to tackle crisis

By bringing together and re-allocating some previously planned budget expenditures, the Finance Ministry will attempt to save €332 million (Sk10 billion) to use to maintain economic growth and employment in Slovakia during the global economic crisis, the Finance Ministry stated in materials approved by the government on Wednesday, January 28.

By bringing together and re-allocating some previously planned budget expenditures, the Finance Ministry will attempt to save €332 million (Sk10 billion) to use to maintain economic growth and employment in Slovakia during the global economic crisis, the Finance Ministry stated in materials approved by the government on Wednesday, January 28.

"The goal of this step is to identify expenditures whose realisation isn't necessary. These expenditures will then be allocated to measures aimed at supporting demand via effective instruments of fiscal politics," the ministry told the TASR newswire. It said it would attempt to come up with specific measures by February 11.

The European Commission has predicted that Slovakia's GDP growth in 2009 will be only 2.7 percent, compared to the Slovak Finance Ministry's existing forecast of 4.6 percent, the figure on which the 2009 budget was based.

The re-evaluation of economic growth has come in response to the worsening effects of the global financial and economic crisis. At the same time, the EC expects GDP in the EU as a whole to shrink by 1.8 percent in 2009.

Representatives of Slovakia’s central bank, the National Bank of Slovakia (NBS), have already admitted that its prognosis might have to be revised, while the Finance Ministry will release its new predictions at the beginning of February. TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

How did Communism happen in Czechoslovakia?

For the 40 years, Czechs and Slovaks would celebrate February 25 as Victorious February, even though the enthusiasm of most of those who supported Communists in 1948 would very quickly evaporate.

Prime Minister Klement Gottwald (right) swears an oath into the hands of President Edvard Benes on February 27, 1948 at the Prague Castle.

Cemetery with a remarkable creative concept Photo

The shapes of tombstones were prescribed until 1997

Vrakuňa Cemetery in Bratislava

Being young is harder than it used to be

The failure of older generations to sympathise with youth means politics are primarily a contest of who can hand out more gifts to old people.

Young Slovaks have problems finding proper jobs.

Historian: After 1948, Czechoslovakia was paralysed with fear

On February 25, Czechs and Slovaks mark 70 years since the rise of Communism in their common state. Historian Jan Pešek talks about the coup and its aftermath.

Demonstration in Prague, Wenceslas' Square, on February 28, 1948.