EC on Serbian budget revision

Signs of economic recovery in the Western Balkans are "scarce," except for the somewhat better situation in Serbia, the European Commission said.

Izvor: Beta

Friday, 06.08.2010.

10:00

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Signs of economic recovery in the Western Balkans are "scarce," except for the somewhat better situation in Serbia, the European Commission said. Domestic demand is low, unemployment is at the same level, and "the consequence of all this is strong pressure on state finances in several regional countries," it was stated in the Commission's internal report in Brussels, which Beta news agency was given access to. EC on Serbian budget revision It was added that "it is very encouraging" that the region noted a growth in exports, but also a decline in imports due to lower consumption and recession, which is the case with Croatia, Macedonia, and Montenegro. It is also stated that, despite planned cuts in budget expenses, Serbia and Croatia above all need to revise their budgets, because the deficit will be even larger. The European Commission has already set reduction of budget deficits and public debts as one of the important goals of the accession of Western Balkan countries to the EU. On this matter, Brussels has the identical position as the International Monetary Fund, underlining that Serbia and other regional countries cannot continually count on new credits or on help from the EU and world financial organizations to fill the budget gaps.

EC on Serbian budget revision

It was added that "it is very encouraging" that the region noted a growth in exports, but also a decline in imports due to lower consumption and recession, which is the case with Croatia, Macedonia, and Montenegro.

It is also stated that, despite planned cuts in budget expenses, Serbia and Croatia above all need to revise their budgets, because the deficit will be even larger.

The European Commission has already set reduction of budget deficits and public debts as one of the important goals of the accession of Western Balkan countries to the EU.

On this matter, Brussels has the identical position as the International Monetary Fund, underlining that Serbia and other regional countries cannot continually count on new credits or on help from the EU and world financial organizations to fill the budget gaps.

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