Serbia cuts public spending to achieve balanced budget by 2015.

By bne IntelliNews April 28, 2010
In the next five years, Serbia is due to reduce share of public spending in the country's GDP by 0.75% each year in order to achieve a balanced budget in 2015, finance minister Diana Dragutinovic stated. Cut in public spending is part of a fiscal responsibility law, the minister said, adding that the first draft of the law has been already sent to the International Monetary Fund (IMF). Under the draft law, the ceiling for country's public debt will be set at 40% of the GDP, while new government borrowing will be limited to 2.5% of GDP per year. The tax reform proposal could be discussed with employers' organisations, trade unions and citizens, she added. The pension and tax system reforms will be the main topics discussed during the next visit of the IMF mission to Belgrade scheduled for mid-May.

Related Articles

Serbia's external debt up 4.7% y/y to EUR 25.4bn at end-Feb 2013.

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

Vip Mobile Serbia signs five-year managed services deal with Ericsson.

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

Telenor and Societe General possible buyers of Serbia's KBC Banka - report.

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

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss