Serbia's planned budget cuts for 2011 will not hinder the country's economic recovery, but will restore investor confidence in the country, IMF resident representative, Bogdan Lissovolik told Bloomberg. As recalled, Serbia pledged to trim its budget deficit to 4.1% of GDP in 2011 from this year's 4.8%. Lissovolik advised Serbia to seek cheaper financing to cover its budget gap next year and thus turn to the World Bank or the EU for support, since the demand for its treasury bills has been declining. The next review of the stand-by arrangement (SBA) with the fund is scheduled for February, when an IMF mission will assess Serbia's economic performance in 2010. Corporate debt restructuring legislation will be a key topic in the next review, considering that the share of non-performing corporate loans has soared to 25% of all credits. |
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Serbia's foreign debt rose an annual 4.7% y/y to EUR 25.4bn at end-February after climbing 6.6% on the year in January, central bank data showed. In monthly terms, however, the external ... more
Swedish company Ericsson said it has signed a five-year managed services contract with Vip Mobile - the Serbian arm of Telekom Austria Group. The agreement includes field maintenance services for ... more
Norwegian telecommunications firm Telenor and France's Societe General are seen as possible buyers of the Serbian unit of Belgium's KBC Group, which has been on sale for several years now, a ... more