Serbia to seek only USD 500mn from Russia for this year's budget.

By bne IntelliNews March 18, 2013
Serbia's 2013 budget will need only half of the earlier announced USD 1bn support from Russia as the government in Belgrade managed to benefit from the favourable debt market conditions in the past months and secure enough liquidity, finance minister Mladjan Dinkic told daily Blic. Serbia will seek a budget support loan of only USD 500mn form Russia, Dinkic said, adding it would actually take the loan only if the terms are better than the current market ones. He said that he was informed several days ago by Russian finance minister Anton Siluanov the cabinet in Moscow is preparing a budget revision and plans to include the credit to Serbia in it. According to information of Blic from the finance ministry, the funds would go to pay older unfavourable loans and reduce current interest costs. Serbia reduced its borrowing costs on the international market in February, placing a seven-year USD 1.5bn Eurobond at an yield of 5.15%, down from 5.45% in the previous such sale mid-Nov 2012 when it sold five-year Eurobond worth USD 750mn.

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