Local governments' fiscal woes "threat to public finances"

Cities and municipalities in Serbia owe around a billion euros and are late in paying mature obligations of 300 million, - four percent of GDP.

Izvor: Beta

Wednesday, 28.06.2017.

11:19

Local governments' fiscal woes

Local governments' fiscal woes "threat to public finances"

The fiscal problems of cities and municipalities are threatening Serbia's public finances and slowing economic growth, Petrovic said, and added:

"If the Serbian government does not take the necessary measures, the debts of cities and local self-administrations will sink state finances."

The debt, he said, was as big as the Electric Power Industry (EPS) - one billion euros - and is comparable to that of the public gas enterprise, Srbijagas (1.2 billion).

"The structural problems of local self-administrations is that budget funds are being spent on subsidies, for a total of around EUR 200 million, while at the same time EUR 250 million in investment in local infrastructure, waterworks, sewerage, waste treatment is missing," Petrovic said.

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