Expert: Irresponsible statements

Economic expert Stojan Stamenković said hints from the government on the possible unfreezing of wages and pensions in the public sector were irresponsible.

Izvor: Beta

Monday, 01.02.2010.

14:12

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Economic expert Stojan Stamenkovic said hints from the government on the possible unfreezing of wages and pensions in the public sector were irresponsible. Stamenkovic, who is an economic advisor to the prime minister, said that “announcements from the government” that wages and pensions in the public sector could be unfrozen by the end of the year are irresponsible, because such a move could bring about great economic risks. Expert: Irresponsible statements “Risks are great because the unfreezing of wages and pensions would create confusion in what should be a rational policy for decreasing total spending and increasing investments,” Stamenkovic told the new issue of Ekonometar monthly. He recommended to the government that it should refrain from such “political marketing”, because it would not bring the desired political points, but rather, “deserved slaps on the wrist”. Stamenkovic reminded that the government backed out of its decision to increase wages for Serbian power company EPS, when it became clear that such a move would endanger the stand-by arrangement it has with the International Monetary Fund. He said that it is obvious that any crack in that arrangement would have huge consequences, because Serbia could face a halt of capital coming into the country and a drop in to the living standard in the coming years. Stamenkovic added that the recovery of the Serbian economy will be slow and uncertain. He said that the dinar’s exchange rate would be stable in 2010, with slight oscillations. “According to some of our earlier predications, the euro could be worth about RSD 100.5 at the end of the year. This includes the prediction that inflation will be about seven percent and that the prices in the Eurozone will increase by two percent, and that the IMF agreement will not be endangered,” Stamenkovic said.

Expert: Irresponsible statements

“Risks are great because the unfreezing of wages and pensions would create confusion in what should be a rational policy for decreasing total spending and increasing investments,” Stamenković told the new issue of Ekonometar monthly.

He recommended to the government that it should refrain from such “political marketing”, because it would not bring the desired political points, but rather, “deserved slaps on the wrist”.

Stamenković reminded that the government backed out of its decision to increase wages for Serbian power company EPS, when it became clear that such a move would endanger the stand-by arrangement it has with the International Monetary Fund.

He said that it is obvious that any crack in that arrangement would have huge consequences, because Serbia could face a halt of capital coming into the country and a drop in to the living standard in the coming years.

Stamenković added that the recovery of the Serbian economy will be slow and uncertain.

He said that the dinar’s exchange rate would be stable in 2010, with slight oscillations.

“According to some of our earlier predications, the euro could be worth about RSD 100.5 at the end of the year. This includes the prediction that inflation will be about seven percent and that the prices in the Eurozone will increase by two percent, and that the IMF agreement will not be endangered,” Stamenković said.

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