Business News

Finance Minister Announces Very Tight Budget for 2012

Ljubljana, 25 August (STA) - The government s planning a very tight budget for 2012, Finance Minister Franc Krizanic told the press on Thursday after the first government session following the summer break. The plan is to reduce the public deficit from the initially projected 4.6% of GDP to 3.25%.

Krizanic said that the document would be one of the tightest budgets in Slovenia's history and that negotiations with other cabinet members were intense. The minister however expects the parliament to pass the changes by 1 October.

The finance minister expects an outline to be adopted at the next government session. He said that the budget that had already been adopted for 2012 was definitely too high to enable a consolidation of public finances.

If the parliament passes in September the supplementary budget for 2011 as drafted by the government, Krizanic expects the deficit to drop to 3.25% of GDP, which is quite close to the upper limit of 3% envisaged in the stability pact for the euro. Slovenia expects to reach the values approved in the stability pact in 2013.

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