"Budget revision to set 2009 spending"

This year's budget revision will determine the 2009 spending, NBS chief Radovan Jelašić says.

Izvor: Blic

Thursday, 11.09.2008.

13:05

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This year's budget revision will determine the 2009 spending, NBS chief Radovan Jelasic says. The central bank governor told the Belgrade daily Blic in an interview published on Thursday that the forthcoming rebalancing is therefore "of exceptional importance", and that the two processes should proceed in parallel. "Budget revision to set 2009 spending" Jelasic added that the revision "should take a downward direction". "Economic logic, rating agencies and the International Monetary Fund are all sending the same message to Serbia - that the budget rescheduling should proceed down and not up, especially having in mind inflation and its effect on economic growth," he was quoted as saying. The governor said that almost RSD 4bn that will be needed monthly until the end of this year for the increased pensions imply an additional budget obligation of almost RSD 40bn in 2009, which equals some five percent of the total budget for that year. "In Serbia, responsible policy sees it as much more important that all election and post-election promises are met, than to consider long-term macroeconomic stability," he said, and added that the central bank will continue with its restrictive monetary policy, meaning pricier loans for individuals and companies.

"Budget revision to set 2009 spending"

Jelašić added that the revision "should take a downward direction".

"Economic logic, rating agencies and the International Monetary Fund are all sending the same message to Serbia - that the budget rescheduling should proceed down and not up, especially having in mind inflation and its effect on economic growth," he was quoted as saying.

The governor said that almost RSD 4bn that will be needed monthly until the end of this year for the increased pensions imply an additional budget obligation of almost RSD 40bn in 2009, which equals some five percent of the total budget for that year.

"In Serbia, responsible policy sees it as much more important that all election and post-election promises are met, than to consider long-term macroeconomic stability," he said, and added that the central bank will continue with its restrictive monetary policy, meaning pricier loans for individuals and companies.

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