Sloveniaâ„¢s coalition government has vowed to make national reforms aimed at boosting the countryâ„¢s struggling economy.
In its 2013-2014 National Reform Program and the Stability Program sent to the European Union, the Slovenian government led by Prime Minister Alenka Bratusek, pledged to reduce its public finance deficit, to stabilize its long-term debt, and to set up better techniques of management of strategic investments and sell non-vital investments.
Under its program, the government is to adjust taxations aimed at boosting revenues into the national budget. The plan is supposed to collect more than 640 million euros (USD 832 million) annually.
Slovenia is also planning to allocate some 130 million euros to boost foreign investments until next year.
Last month, the European Union warned that Slovenia and Spain were facing excessive problems for balancing their economies.
European Commission said Slovenia had Å“built up excessive macroeconomic imbalances” and was struggling as a result of recession, high unemployment, and struggling financial sectors.
Slovenia — which was an economic star among EU newcomers when it joined in 2004 and adopted the euro as its currency in 2007 — was badly hit by the global crisis and fell back into recession in the third quarter of the 2012 amid lower export demand and budget cuts.
Europe plunged into financial crisis in early 2008. The worsening debt crisis has forced the EU governments to adopt harsh austerity measures, triggering protests against spending cuts in many European countries.
SZH/SS
This article originally appeared on : Press TV