Slovakia considers spending freeze to reach 2012 budget gap target.

By bne IntelliNews July 30, 2012
Slovakia will have to adopt additional austerity measures, including a proposed freeze on government spending, in order to reach its budget deficit target of 4.6% this year, as tax revenues have turned out lower than expected, SITA news agency reported. The shortfall in tax revenues is estimated at EUR 250mn for this year and at EUR 320mn next year, according to an analysis by the Finance Ministrys Financial Policy Institute. According to Finance Minister Peter Kazimir, if the cabinet does not take any measures, the budget gap will swell to 5.3% of GDP this year. Kazimir reiterated also his commitment to reach also next years budget target of a deficit of 3% of GDP, fitting within EUs rules. The government is expected to discuss the extraordinary austerity measured at an extraordinary meeting this week.

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