World Bank labels Czech Republic advanced economy

18-04-2005

The World Bank has officially labelled the Czech Republic an advanced economy, which means that the country will no longer be entitled to draw loans from the World Bank. Slovenia has so far been the only country of the former Eastern bloc to pass the so-called graduation. A Czech representative at the World Bank said that Hungary is expected to graduate this year and Slovakia and the Baltic States should graduate in the years to come. According to Deputy Finance Minister Tomas Prouza The World Bank has also come up with criticism towards the Czech Republic, concerning above all the reforms of the pension and health care systems and the issue of fiscal deficits.