Opposition: Kamenicky Boasting Unchanged Rating amidst Rising Debt and Deficit

Bratislava, 27 October (TASR) – Finance Minister Ladislav Kamenicky (Smer-SD) is celebrating Slovakia's unchanged credit rating, while the country is borrowing at the highest interest rates in years and the government is failing to achieve the expected results in consolidating public finances despite three rounds of consolidation measures, opposition parties stated in response to Kamenicky's remarks on Tuesday regarding the rating decision announced by international agency Standard & Poor's (S&P) on Friday (23 October). Kamenicky said that S&P's confirmation of Slovakia's rating was good news for the country, underlining at a press conference on Tuesday that the agency also took into account the state budget adopted for next year. According to the minister, this shows that the negative scenarios repeatedly cited by opposition representatives are not materialising. Progressive Slovakia (PS) stated that the government has failed to deliver the expected results in consolidating public finances despite three rounds of measures that have placed a burden on the public. It also highlighted the rising public debt and deficit. MP Stefan Kiss (PS) said that the government is presenting the situation as a success despite these results. PS also drew attention to the rising cost of servicing the state debt, which, according to the budget outlook, is projected to reach €4 billion by 2030. The party also pointed to a 0.5-percent fall in real salaries in the first half of 2026. "He's the finance minister, and it's his duty and responsibility to stabilise the debt and simply put public finances back in order," said Kiss concerning Kamenicky. According to Marian Viskupic, an MP and vice-chair of the Freedom and Solidarity party (SaS), the finance minister is portraying the stable rating as a success even though Slovakia has one of the worst assessments from major rating agencies in the past 15 years. The state debt is rising, and the cost of financing it runs into billions of euros, he added. SaS warned that public finances haven't improved despite three rounds of consolidation measures, adding that the government is steering the country towards a Greek-style scenario. The 'Slovakia' party also criticised the finance minister for the state of public finances, developments in the state debt and the country's ratings from credit agencies. According to MP Julius Jakab (Slovakia–For the People), the government is ignoring employers' concerns and has failed to introduce any growth-promoting measures. This is worsening the business environment and prompting major investments to leave the country, he warned. "Instead of genuine consolidation, the government has simply fleeced the public, raised taxes and social contributions, then spent the money collected and plunged Slovakia further into debt," added Jakab, adding Slovakia's credit ratings have fallen to their worst levels in decades. The Christian Democratic Movement (KDH) said that the country has retained its S&P rating primarily thanks to advantages accumulated in the past, which offset the current government's poor performance. The euro, a stable banking sector and low external debt are helping the country to maintain investor confidence in its view. However, Slovakia has lagged significantly behind comparable countries in areas for which Robert Fico's government (Smer-SD) is responsible. The Christian Democrats noted that Slovakia received its weakest assessment for the state of public finances and the government's ability to respond to a potential crisis, an indicator known as fiscal flexibility. Slovakia scored four on a six-point scale in this area, with one representing the best result. On 23 October, the Finance Ministry announced that S&P has confirmed Slovakia's rating at A with a stable outlook. The ministry noted that this rating remained one notch higher than the one assigned by Moody's and Fitch. mf/df