"Public spending needs drastic cuts"
National Bank of Serbia (NBS) Governor Radovan Jelašić says spending and salaries will need to be curbed next year.
Wednesday, 10.10.2007.
17:00
National Bank of Serbia (NBS) Governor Radovan Jelasic says spending and salaries will need to be curbed next year. Jelasic Wednesday criticized what he called an enormous increase in earnings and public spending, and said that this will bear on Serbia's economic policy in 2008. "Public spending needs drastic cuts" The central bank chief pointed out that the task to lower inflation figures, or maintain them at the same level next year will be almost impossible, unless a drastic change in public spending occurs. "Serbia is today the world champion in the rise of salaries and public spending, which makes the issue of the nature of next year's budget central to this country's economic policy," Jelasic said. He added that it was unsustainable to have, for the third year in a row, "all items in the state budget increase by 20 to 30 percent, while prices rose by six to seven percent at the same time." Jelasic also reminded that the NBS had a legal role to curb the inflation. "The national bank is obligated by law to achieve stability and we will do this at any cost," he concluded.
"Public spending needs drastic cuts"
The central bank chief pointed out that the task to lower inflation figures, or maintain them at the same level next year will be almost impossible, unless a drastic change in public spending occurs."Serbia is today the world champion in the rise of salaries and public spending, which makes the issue of the nature of next year's budget central to this country's economic policy," Jelašić said.
He added that it was unsustainable to have, for the third year in a row, "all items in the state budget increase by 20 to 30 percent, while prices rose by six to seven percent at the same time."
Jelašić also reminded that the NBS had a legal role to curb the inflation.
"The national bank is obligated by law to achieve stability and we will do this at any cost," he concluded.
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