Minister announces 2 percent deficit in June

Minister of Finance Dusan Vujovic says the country's budget deficit in May was 1.6 percent of GDP and that he expects it to be two percent of GDP in June.

Izvor: Tanjug

Friday, 12.06.2015.

13:20

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Minister announces 2 percent deficit in June

Vujovic said that the deficit planned for the end of 2015 was RSD 190 billion, but he believed it would not exceed RSD 114 billion.

It means that the savings made would amount to about EUR 600 million, Vujovic told a summit of finance ministers and central bank governors of Western Balkan countries in the Montenegrin coastal town of Becici today.

He said that Serbia’s public finances were moving in the right direction and it was highly likely the tough saving measures undertaken for the purpose of fiscal consolidation would be eased by the end of the year.

Vujovic said an agreement with the International Monetary Fund, providing for cuts in public sector salaries and pensions in the current year and the following two years, would be revised at the end of August.

We will then know whether there are grounds for relaxing the savings measures, said Vujovic.

The Serbian finance minister observed that it would depend on the economic situation in the country, primarily on whether coal production, reduced following the massive floods that had hit Serbia in 2014, would be restored.

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