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Finance Ministry to introduce comprehensive consolidation plan in April

The Finance Ministry will in April introduce a comprehensive plan to consolidate the public finances that will form the second phase of a process designed to push the public finance deficit back under 3 percent, Finance Ministry State Secretary Vladimír Tvaroška announced on Thursday, January 27, the TASR newswire reported.

The Finance Ministry will in April introduce a comprehensive plan to consolidate the public finances that will form the second phase of a process designed to push the public finance deficit back under 3 percent, Finance Ministry State Secretary Vladimír Tvaroška announced on Thursday, January 27, the TASR newswire reported.

"Our aim is to reduce the deficit in 2012 and 2013 by another 2 percentage points, so that we meet our commitments to the European Union ... But we're doing this especially because we don't have any other choice. We need to borrow €9 billion on financial markets this year. We urgently need to enjoy the trust of the financial institutions, so that they will not only lend us the money, but will lend it to us under advantageous conditions," Tvaroška said, during a conference organised by the Slovak Chamber of Trade and Industry (SOPK). He added that the second phase will aim to reduce state expenditures instead of increasing the burden of taxes and levies. The ministry would also like to create rules which are binding for all future governments.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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