Davos, Jan 29 (IANS/EFE) Spain said it will adopt austerity measures to achieve its annual budget deficit target of 3 percent by 2013 as mandated by the European Union's pact on financial stability.

Spain is a 'reliable' country which will reduce its budget deficit by 2013 in accord with the European Union's agreement, Prime Minister Jose Luis Rodriguez Zapatero said at the World Economic Forum here Thursday.

Responding to the criticism of Spain's fiscal deficit and double-digit unemployment, Zapatero said his government will soon approve an austerity plan aimed at bringing the budget deficit within the EU-mandated ceiling.

The plan will include reductions in the government's workforce, current spending and 'something in the investments', the prime minister said.

Since joining the EU, Spain has shown itself to be a 'serious and reliable' country with an 'impeccable' record of meeting commitments to its partners in the 27-member bloc, Zapatero said, adding that Madrid would not reduce aid to developing countries.