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Slovak President signs amended state budget for 2009

Slovak President Ivan Gašparovič on November 10 signed an amendment to the law on this year's state budget. The law comes into force on the day of its publication in the Collection of Laws of the Slovak Republic. The budgetary deficit this year will exceed the initially approved level by more than 200 percent. Due to the fallout of the global financial crisis the gap will widen from the originally planned €1.009 billion to €3.127 billion.

Slovak President Ivan Gašparovič on November 10 signed an amendment to the law on this year's state budget. The law comes into force on the day of its publication in the Collection of Laws of the Slovak Republic. The budgetary deficit this year will exceed the initially approved level by more than 200 percent. Due to the fallout of the global financial crisis the gap will widen from the originally planned €1.009 billion to €3.127 billion.

The revision cut 2009 revenues from €13.116 billion to €10.998 billion, but the sum of budgeted expenditures did not change. The higher deficit also means greater payments on servicing the state debt; also included is a state guarantee for an €800 million loan from the European Investment Bank for highway PPP projects. Parliament has already approved the draft bill on the 2010 state budget, which forecasts a €3.746 billion deficit on budgeted revenues of €12.531 billion and expenditures of €16.277 billion. Expenditures are planned to increase by more than 15 percent in 2010 compared to 2009.

Compiled by Zuzana Vilikovská from press reports
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