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Croatia moves 8 firms off strategic companies list to reduce debt

Xinhua, May 12, 2016 Adjust font size:

The Croatian government decided on Wednesday to remove eight companies from the list of those having state strategic interest aiming at making them eligible for possible privatization.

The decision was made with goal of narrowing the budget gap and reducing the public debt, according to a government press release.

The companies involved include Croatia Airlines, a national flag carrier, Luka Rijeka, the port of the northern Adriatic city of Rijeka and an operator of sea marinas ACI, as well as a local bank Croatia Banka.

In addition, electrical concern Koncar-Elektroindustrija, fertilizer producer Petrokemija, insurer company Croatia Osiguranje and a major food company Podravka was included.

It was necessary to amend certain legislation before privatizing those companies, the press release said.

Last month, the Croatian government adopted a wide range reform plan aiming to reduce public debt to 80 percent of GDP by the end of 2019 from the current 87 percent of GDP, meanwhile it planned to cut the budget gap to 2.6 percent of GDP from 3.2 percent 2015. Endit