IMF urges cuts in public spending
IMF’s resident representative office head Harald Hirschhofer says Serbia could still implement a sound economic policy.
Monday, 02.04.2007.
17:40
BELGRADE IMF’s resident representative office head Harald Hirschhofer says Serbia could still implement a sound economic policy. “There is still enough time for Serbia to implement a sound economic policy. I hope a new government will accelerate privatization, in order for the Serbian economy to be more productive and achieve further growth,” Hirschhofer told Blic daily. IMF urges cuts in public spending “The IMF has already voiced concern over the current payment deficit and the country’s external debt. A positive element is the monetary policy that contributes to lower inflation.” “At the same time, while all this is happening, public sector salaries have grown by 20 to 30 percent compared to last year. The fiscal policy, including the National Investment Plan (NIP) is expansive and contributes to increased deficit,” Hirschhofer said. Hirschhofer added that the IMF suggested redefining the NIP in order to improve the country’s fiscal position, so that it may become more efficient, focusing on high-quality investments. “We have studied state subsidies to the state and socially owned companies and saw opportunities for a decrease, as well as for a revision of salaries in the public sector. It’s never too late to start implementing economic measures,” Hirschhofer told Blic.
IMF urges cuts in public spending
“The IMF has already voiced concern over the current payment deficit and the country’s external debt. A positive element is the monetary policy that contributes to lower inflation.”“At the same time, while all this is happening, public sector salaries have grown by 20 to 30 percent compared to last year. The fiscal policy, including the National Investment Plan (NIP) is expansive and contributes to increased deficit,” Hirschhofer said.
Hirschhofer added that the IMF suggested redefining the NIP in order to improve the country’s fiscal position, so that it may become more efficient, focusing on high-quality investments.
“We have studied state subsidies to the state and socially owned companies and saw opportunities for a decrease, as well as for a revision of salaries in the public sector. It’s never too late to start implementing economic measures,” Hirschhofer told Blic.
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