Deteriorating macroeconomic developments and a reassessment of the state’s revenues is complicating the Finance Ministry’s preparation of next year’s budget. The Finance Minister, Peter Kažimír, says that the ministry is now in the virgin territory of preparing the budget in light of an anticipated deficit in revenues from taxes and levies in 2014 totalling €611 million.
Mr Kažimír said that framing the budget as of 15 August - which is the statutory deadline - would be very complicated. He told a press conference on Thursday that work on the make-up of the budget would continue until the very last day, which is 15 October, when a draft will be sent to parliament. The minister further stated that Robert Fico’s government would need extra time to prepare the budget which would allow Slovakia to shake off more of the excessive deficit. Mr Kažimír went on to say they were facing fundamental austerity measures in the public sector and all of his ministerial colleagues would have to contribute savings.
