EC reports on economic situation in Kosovo

The European Commission (EC) reported on the economic situation in Kosovo. It stated that the agreement between Pristina and the International Monetary Fund (IMF) and the investigations into financial corruption were the most important steps taken recently as far as Kosovo’s economy is concerned. EC reports on economic situation in Kosovo “Actions need to be taken before the IMF will approve the 18-month stand-by arrangement of EUR 92.7mn” for Kosovo, the EC states. The Commission claims that the government in Pristina has obligated itself that there would not be new expenses for its budget and the IMF estimated that the Kosovo gross domestic product would increased by 4.8 percent in 2010. It also states that Kosovo has made agreements for its first significant privatizations, including the Pristina airport and the postal and telecommunications services, adding that the Kosovo government expects that EUR 300mn would enter the budget from privatization in 2011. The EC states that the number of unemployed persons has increased in Kosovo in 2010 and that there are currently 339,000 unemployed persons in Kosovo. The average net wage in the public sector in the first quarter of 2010 was EUR 272, which is 16.4 percent higher than in the first quarter of 2009. Exports for the first four months increased by 121 percent, and imports increased by 8.1 percent, but the foreign trade deficit has remained about the same and was about EUR 487mn in between January and April. By the end of 2009, Kosovo’s debt to the World Bank was EUR 252mn, which is 6.5 percent of the GDP.

EC reports on economic situation in Kosovo

“Actions need to be taken before the IMF will approve the 18-month stand-by arrangement of EUR 92.7mn” for Kosovo, the EC states.

The Commission claims that the government in Priština has obligated itself that there would not be new expenses for its budget and the IMF estimated that the Kosovo gross domestic product would increased by 4.8 percent in 2010.

It also states that Kosovo has made agreements for its first significant privatizations, including the Priština airport and the postal and telecommunications services, adding that the Kosovo government expects that EUR 300mn would enter the budget from privatization in 2011.

The EC states that the number of unemployed persons has increased in Kosovo in 2010 and that there are currently 339,000 unemployed persons in Kosovo.

The average net wage in the public sector in the first quarter of 2010 was EUR 272, which is 16.4 percent higher than in the first quarter of 2009.

Exports for the first four months increased by 121 percent, and imports increased by 8.1 percent, but the foreign trade deficit has remained about the same and was about EUR 487mn in between January and April.

By the end of 2009, Kosovo’s debt to the World Bank was EUR 252mn, which is 6.5 percent of the GDP.