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Slovak Parliament: 2009 budget deficit to be three times higher than projected

Parliament, in a fast-track proceeding on Tuesday, October 27, approved a revision of the 2009 state budget to triple the deficit. This is now predicted to reach €3.154 billion in 2009; the original figure was €1.009 billion. The 2010 state budget is to be discussed in parliament on Friday.

Parliament, in a fast-track proceeding on Tuesday, October 27, approved a revision of the 2009 state budget to triple the deficit. This is now predicted to reach €3.154 billion in 2009; the original figure was €1.009 billion. The 2010 state budget is to be discussed in parliament on Friday.

According to Finance Minister Ján Počiatek (Smer), the state budget amendment comes in the wake of a significant slowdown in the Slovak economy, which has occurred due to the culmination of the global economic crisis and a related fall in state revenues, which were projected to reach €13.116 billion in 2009, but have now been revised downward to €10.971 billion. The state is also to lose significant amounts of revenue through several tax measures intended to act as economic stimuli during the crisis.

The amendment also allows the Finance Ministry to provide a state guarantee for a credit amounting to €800 million which will be given by the European Investment Bank to finance the construction of the D1 highway. The opposition fiercely criticised the draft before it was approved by coalition MPs.

Compiled by Zuzana Vilikovská from press reports
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