Serbia has "one of highest budget deficits in history"

Serbia's current budget deficit amounts approximately to EUR 2.2 billion and it is one of the highest so far, Finance and Economy Minister Mlađan Dinkić says.

Izvor: Tanjug

Thursday, 02.08.2012.

14:31

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BELGRADE Serbia's current budget deficit amounts approximately to EUR 2.2 billion and it is one of the highest so far, Finance and Economy Minister Mladjan Dinkic says. Speaking on Monday in Belgrade, Dinkic said that the situation regarding the budget was "a lot worse than he had expected it to be". Serbia has "one of highest budget deficits in history" "My goal is to enable a normal functioning of the state," Dinkic said as he met with delegations of craftsmen, and announced a fiscal consolidation program for late September. He said that although covering budget deficit was not an easy task that could be carried out overnight, he had a clear plan how to do that. "I need a month to determine what exactly happened to budget funds and whether there is some more money that is missing," said Dinkic. Governor's independence guaranteed Mladjan Dinkic said on Thursday that amendments to the Law on the National Bank of Serbia (NBS) guarantee the independence of the Governor and central bank, and that he would convince the international public of that. Dinkic said that amendments to the Law on the NBS would bring about two positive changes - the administration in charge of the oversight of financial institutions, as it had been noted that the banks should be under stricter supervision that it had been the case so far; and the solution that upon the governor's recommendation, vice-governors be elected in the parliament. The main objections to Soskic's work are that he failed to preserve the independence of the central bank, and supervise banks' procedures in an adequate way, Dinkic told journalists at the Palace of Serbia, referring to the issue of Agrobanka. "I am in constant contact with representatives of International Monetary Fund (IMF) and EU, and I will convince them that this is the right move," Dinkic said, when asked about the criticism voiced by the international financial institutions in this respect. Tanjug

Serbia has "one of highest budget deficits in history"

"My goal is to enable a normal functioning of the state," Dinkić said as he met with delegations of craftsmen, and announced a fiscal consolidation program for late September.

He said that although covering budget deficit was not an easy task that could be carried out overnight, he had a clear plan how to do that.

"I need a month to determine what exactly happened to budget funds and whether there is some more money that is missing," said Dinkić.

Governor's independence guaranteed

Mlađan Dinkić said on Thursday that amendments to the Law on the National Bank of Serbia (NBS) guarantee the independence of the Governor and central bank, and that he would convince the international public of that.

Dinkić said that amendments to the Law on the NBS would bring about two positive changes - the administration in charge of the oversight of financial institutions, as it had been noted that the banks should be under stricter supervision that it had been the case so far; and the solution that upon the governor's recommendation, vice-governors be elected in the parliament.

The main objections to Šoškić's work are that he failed to preserve the independence of the central bank, and supervise banks' procedures in an adequate way, Dinkić told journalists at the Palace of Serbia, referring to the issue of Agrobanka.

"I am in constant contact with representatives of International Monetary Fund (IMF) and EU, and I will convince them that this is the right move," Dinkić said, when asked about the criticism voiced by the international financial institutions in this respect.

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