Government, IMF agree to increase budget deficit
The Serbian government and the International Monetary Fund (IMF) have agreed on a new precaution arrangement, which envisages an increase in budget deficit.
Wednesday, 31.08.2011.
09:23
The Serbian government and the International Monetary Fund (IMF) have agreed on a new precaution arrangement, which envisages an increase in budget deficit. The budget deficit will according to the agreement increase from 4.1 to 4.5 percent of the GDP. Government, IMF agree to increase budget deficit The IMF corrected the growth of the Serbian economy from three to two percent by the end of the year, Tanjug was told at the Serbian government. It was agreed that the increase in budget deficit be incorporated in the forthcoming budget revision, which means that the consolidated deficit will be RSD 153bn instead of the earlier planned RSD 140bn, RSD 132bn of which will be a new deficit in the state budget, which was earlier envisaged to be RSD 120bn. According to the agreement, public expenditures will have to reduce so as to additionally save another RSD 15-20bn. The problem with exceeding the agreed deficit arose because less money is being collected from taxes since production is not increasing as expected, which is precisely why the IMF lowered the estimate of Serbia's expected economic growth from three to two percent. National Bank of Serbia (NBS) Governor Dejan Soskic, Head IMF Mission for Serbia Albert Jaeger and Finance Ministry State Secretary Dusan Nikezic will hold a press conference at the Serbian government on Wednesday, in view of the completion of talks on the new arrangement with the IMF.
Government, IMF agree to increase budget deficit
The IMF corrected the growth of the Serbian economy from three to two percent by the end of the year, Tanjug was told at the Serbian government.It was agreed that the increase in budget deficit be incorporated in the forthcoming budget revision, which means that the consolidated deficit will be RSD 153bn instead of the earlier planned RSD 140bn, RSD 132bn of which will be a new deficit in the state budget, which was earlier envisaged to be RSD 120bn.
According to the agreement, public expenditures will have to reduce so as to additionally save another RSD 15-20bn.
The problem with exceeding the agreed deficit arose because less money is being collected from taxes since production is not increasing as expected, which is precisely why the IMF lowered the estimate of Serbia's expected economic growth from three to two percent.
National Bank of Serbia (NBS) Governor Dejan Šoškić, Head IMF Mission for Serbia Albert Jaeger and Finance Ministry State Secretary Dušan Nikezić will hold a press conference at the Serbian government on Wednesday, in view of the completion of talks on the new arrangement with the IMF.
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