Fiscal Council: Deficit in 2014 to reach RSD 300bn
The budget revision shows that the actual deficit in 2014 will be RSD 300 billion, rather than the 225 billion provided in the revised budget.
Monday, 27.10.2014.
16:11
Fiscal Council: Deficit in 2014 to reach RSD 300bn
When it comes to pension cuts, the Fiscal Council believe that the model cannot be said to be optimal as it implies sharp and progressive reductions in pensions that can bring about only rather small savings.The Fiscal Council observes that the budget revision does not fully cover the expenditures caused by loss-making state-owned enterprises and banks and does not seem to provide enough to cover some of the expenditures financed from project loans.
“If all these expenditures were included in the budget revision, the republic deficit would top RSD 300 billion,” the Fiscal Council said in a report.
The Fiscal Council warned about risks of increasing expenditures on various subsidies.
Although the state owns banks around RSD 8 billion, from realized subsidies liquidity loans, and RSD 1.6 billion to recyclers, this debt was not involved in the initial 2014 budget and it now appears as an additional expenditure in the revision, the Fiscal Council suggests.
According to the report, the expenditures for the payment of fines and penalties increased by more than EUR 5 billion in the revision.
“The state’s payment of fines and penalties arising from court decisions more than doubled against the original budget plan, bringing the amount to RSD 10 billion,” the report says.
The Fiscal Council notes positively that the proposed 10 percent salary cut will account for sizable fiscal savings without increasing inequities in the existing system of payment of earnings in the public sector, adding that the measures are comprehensive as they include public enterprises.
They say that for public finances to recover, it is necessary to reduce the fiscal deficit by at least EUR 1.6 billion over the next three years, which means savings of almost EUR 2 billion, as certain expenditures are bound to grow.
The Fiscal Council - an independent state organ that reports to the Serbian parliament - pointed out that the 2014 budget revision is the first step in a three-year fiscal consolidation program.
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