Slovak Parties Agree on Higher Taxes to Slash Budget Deficit (1)

Slovakia proposed a €2.7 billion ($3 billion) package of budget measures, including higher taxes on companies and top earners, designed to curb a surge in borrowing and reassure investors.

The ruling parties have agreed to cut the general government deficit to 4.7% of gross domestic product next year from 6% projected for 2024, Prime Minister Robert Fico told a news conference in Bratislava on Tuesday.

The central European country of 5.4 million has been under pressure to curb one of the highest deficits in the European Union, a result of increased public spending during the coronavirus pandemic and Russia’s invasion ...