BUSINESS IN SHORT

Cabinet approves legislation on EFSF

THE CABINET has approved a legislative framework for Slovakia's participation in the European Financial Stability Facility (EFSF) on September 8, the SITA newswire reported.

THE CABINET has approved a legislative framework for Slovakia's participation in the European Financial Stability Facility (EFSF) on September 8, the SITA newswire reported.

The current law on state debt and state guarantees does not allow Slovakia to provide and implement specific state guarantees in a manner and under terms set out in the EFSF framework agreement, as the valid legislation does not sufficiently address the issue of risk management and coverage of the conditional commitments of the Slovak Republic given the overall possible sum of the specific state guarantee of €4.37 billion, SITA wrote.

The goal of the new law is to define individual terms and procedures associated with Slovakia's participation in the EFSF and the provision, administration and implementation of specific state guarantees, related risks, and also to define the competencies, responsibilities and duties of the Finance Ministry, according to SITA.

The draft bill has been submitted for interdepartmental review. The cabinet has agreed to ask parliament to approve fast-tracking the bill.

The bill as such impacts neither the state budget nor the general government budget and the provision of specific state guarantees itself will have no impact on the deficit or general government debt from the viewpoint of the ESA 95 methodology. It would only have an impact if the state had to exercise the guarantees.


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