10 Things

 10 Things You didn’t know about
the World Bank in Slovakia

Your Concerns are the World Bank’s Priorities

The World Bank’s mission in Slovakia is to help achieve long-term economic growth and make the most of membership in the European Union. It also works to improve living standards, especially of the most vulnerable groups.

1.      The World Bank is helping Slovakia make the best of EU membership

The World Bank is working with partners, including the European Union, to support Slovakia in the EU.  The focus of World Bank assistance is on implementing the provisions of the acquis and making good use of EU Structural and Cohesion Funds. These "structural funds" are intended to bring improvements to economically depressed and socially deprived areas and to narrow the differences in income between the new and current EU members as fast as possible.

2.      The World Bank helped reform Slovakia’s banking sector

An efficient banking system is key to develop the country’s private sector, create jobs and achieve sustained economic growth. Projects supported by the World Bank have helped Slovakia strengthen bank regulation and supervision. A new banking law has been introduced, bank accounting and auditing have been improved, and the legal framework for bankruptcy has been enhanced.

3.      The World Bank is investing in Slovakia’s health

The World Bank is helping Slovakia modernize its health system as part of the government's comprehensive health sector reform program.  The aim is to improve the quality of the country's health care services while promoting fiscal sustainability and improving management.  An additional goal is to increase access to health care for poor and vulnerable groups. 

4.      The World Bank is helping introduce a modern pension system in Slovakia

Pension systems are crucial mechanisms to prevent poverty in later lifeIn Slovakia, the World Bank has helped introduce mechanisms to improve the collection and administration of contributions to a multi pillar pension system.  It is also supporting training for staff in the agencies that manage it.

5.      The World Bank is helping Slovakia use its public finances more efficiently

Public finances require careful husbandry if the economy is to grow and living standards to improve. The World Bank is helping Slovakia introduce new approaches to auditing national accounts, managing debt and allocating scarce resources to priority needs like health and education.  

6.      The World Bank is assisting Slovakia’s vulnerable and marginalized groups

The World Bank is helping the government identify pockets of poverty and develop approaches to alleviate the burden on marginalized communities. Poverty is high among the unemployed and isolated Roma settlements in the East which lack basic infrastructure and services. A World Bank grant has helped improve the capacity of the government office for Roma issues.  World Bank studies have also informed labor market reforms which are improving work incentives while strengthening support to the poor.

7.      The World Bank is supporting better education in Slovakia

Education is central in strengthening economies, preventing poverty and improving the quality of life. In Slovakia, the World Bank is advising the government on ways to finance education to equip Slovaks with the skills they will need to face the challenges ahead.  The World Bank is also promoting a national debate on education reform and Slovakia’s learning challenges.

8.      The World Bank is partnering with Slovak civil society groups

The World Bank seeks out the ideas and suggestions of Slovak people outside government as well as within. Their feedback is used to develop the World Bank’s strategy of assistance to the country as well as individual projects.  Every year, a number of small Slovak organizations benefit from direct financial assistance from the World Bank’s Small Grants Program. Over the last four years, some 50 grants worth more than US$120,000 have been channeled to civic organizations.

9.      World Bank analysis and research is informing Slovakia’s reform efforts

The World Bank is a provider of “knowledge” as well as money. Every year, World Bank staff do in depth analyses of social and economic issues to help sustain economic growth and fight poverty in Slovakia. Examples include a review of public expenditure, research on challenges in the agricultural sector in the run-up to EU accession, and inputs to the government’s policies on renewable energy.

10.   The World Bank is committed to making a difference in Slovakia

Slovakia joined the World Bank in 1993. After a period of low-level engagement, assistance picked up in late 1998 and has now developed into an active program of technical and financial assistance. This includes support for health, public finances, education, pensions and judicial reform. World Bank commitments to Slovakia total US$341 million for 17 operations.