IMF: Serbia to improve budget draft

The International Monetary Fund (IMF) Mission Chief for Serbia says current 2007 state budget draft needs to change.

Izvor: Beta

Saturday, 31.03.2007.

14:13

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BELGRADE The International Monetary Fund (IMF) Mission Chief for Serbia says current 2007 state budget draft needs to change. “The act of extending temporary financing regime will give sufficient time for Serbian politicians to form a new government that could upgrade 2007 state budget draft,” IMF Mission Chief for Serbia Peter Doyle told Bankar magazine. IMF: Serbia to improve budget draft “Serbia needs to improve its 2007 budget draft. In that sense, the continuation of temporary financing regime would prove beneficial,” Doyle said. He added that there was indeed a risk of jeopardizing the state’s macroeconomic stability by keeping an upward trend in public spending. “Serbia has to secure smooth payment of retirement fees and salaries in the public sector,” Doyle stressed. “The IMF is looking forward to a swift formation of the new government that should adopt a balanced state budget and cut down on public spending,” Doyle argued adding that current draft budget would threaten macroeconomic stability, given “ that it anticipates very large budget deficit which wouldn’t be good for Serbia.” In Doyle’s opinion, greatest challenges for the future government would be to sustain economic growth and keep law inflation rates. He also stressed that the government would have to efficiently deal with high unemployment rates. “In that sense, privatization and restructuring of what is left of public-owned and state-owned companies is of utmost importance,” Doyle concluded.

IMF: Serbia to improve budget draft

“Serbia needs to improve its 2007 budget draft. In that sense, the continuation of temporary financing regime would prove beneficial,” Doyle said.

He added that there was indeed a risk of jeopardizing the state’s macroeconomic stability by keeping an upward trend in public spending. “Serbia has to secure smooth payment of retirement fees and salaries in the public sector,” Doyle stressed.

“The IMF is looking forward to a swift formation of the new government that should adopt a balanced state budget and cut down on public spending,” Doyle argued adding that current draft budget would threaten macroeconomic stability, given “ that it anticipates very large budget deficit which wouldn’t be good for Serbia.”

In Doyle’s opinion, greatest challenges for the future government would be to sustain economic growth and keep law inflation rates. He also stressed that the government would have to efficiently deal with high unemployment rates.

“In that sense, privatization and restructuring of what is left of public-owned and state-owned companies is of utmost importance,” Doyle concluded.

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