Bratislava – Slovakia, along with Austria, is accumulating debt the fastest in the entire European Union (EU). In the first three months of this year, compared to the last quarter of last year, Slovakia’s public debt increased by 3.5% of gross domestic product (GDP) or more than 5 billion euros. Although Finance Minister Ladislav Kamenický (Smer-SD) says that consolidation may slow down the indebtedness of the Slovak Republic with the prospect of stopping it by the end of the current government’s term, all circumstances suggest that the debt spiral will continue to turn, the opposition KDH warned on Friday.
The movement reminded that, for example, through increased value-added tax (VAT) rates, the government planned to collect an additional three-quarters of a billion euros this year, but in the end, it may only be a third of that. “It is becoming clear that the government cannot collect taxes that it draws up from the table. We have been repeating this since the government of Robert Fico took office, especially since last September when the government presented an unacceptable proposal for the current consolidation package,” emphasized KDH.
This development, according to the movement, creates the need for further consolidation measures, which in the end will not be borne by anyone else but the citizens. The Council for Budget Responsibility (RRZ) estimates them for next year at 2 billion euros, with similar steps continuing until the end of the government’s term.
“Mr. Minister Kamenický, when will you publicly step forward, admit that you are failing, and present measures for correction? You promised that you would come up with proposals already in the spring. We are in the middle of summer and still nothing. If you continue as you have so far, Slovakia’s gross debt will continue to rise sharply and in the standard election year 2027, according to RRZ, it will exceed 100 billion euros for the first time in Slovakia’s history,” stated National Council (NR) MP and KDH economic expert Joseph haiku. According to him, this is a “clear path to bankruptcy” with all the consequences for the residents and their social standard.
Therefore, the movement repeatedly calls on the government to finally start saving on itself and not to waste money unnecessarily.
“We also expect the government to start properly collecting taxes and, last but not least, to adopt measures that will stimulate investments and economic activity in Slovakia, which KDH presented to it a year ago,” added the movement.
