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Budget Expenditures Projected to Be Cut by €1.447 billion in 2011
Tuesday 17 August 2010 Zoom in | Print page
Bratislava, August 17 (TASR) - The expenditure side of Slovakia's state budget for 2011 should be lower by €1.447 billion compared to this year, according to proposals concerning the individual budget chapters as released by the Finance Ministry on Tuesday.
While a total of €16.277 billion can be spent by ministries and public administration bodies this year, the ministry suggests that €14.830 billion will be available next year.
Major savings are expected to be made by the Transport, Posts and Telecommunications Ministry (€534 million). Next follow the Agriculture and Education Ministries (€288 million and €262 million, respectively). Budgets for the Economy and Health Ministries are also proposed to be cut down by more than €200 million.
In turn, some ministries will have more funds under their remit, particularly the Environment Ministry, whose budget will be higher by €178 million year-on-year. The Labour, Social Affairs and the Family as well as the Culture Ministry will receive €76 million and €59 million more than this year.
The cuts are part of the Government's austerity measures announced by Finance Minister Ivan Miklos (SDKU-DS). The move is due to the foreseen public-finance deficit, estimated to reach up to 8 percent of GDP in 2010. The figure is planned to be go down by 2.5 percent in 2011 – or by €1.7 billion.
The objective should largely be attained by savings in state expenditure, with the remaining one third to be attained by increasing state revenues.
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