Fiscal Council: Budget revision is necessary
The situation with public finances in Serbia is very bad and a budget revision is needed immediately, the Fiscal Council has stated.
Thursday, 23.05.2013.
11:56
BELGRADE The situation with public finances in Serbia is very bad and a budget revision is needed immediately, the Fiscal Council has stated. The fiscal deficit will instead of the planned 3.6 percent of GDP exceed 5.5 percent of GDP this year. The public debt is already over 60 percent and it will continue to grow this and next year, the Fiscal Council warned on Thursday. Fiscal Council: Budget revision is necessary The Fiscal Council warned that Serbia “is back in a dangerous position thanks to insufficient reduction of deficit in 2013 and postponement of reforms when public debt crisis is possible”. The Finance Ministry’s austerity program will reduce the deficit by 0.6 or 0.7 percent instead by planned one percent. The Fiscal Council believes that the condition of public finances in Serbia demands more serious measures and that the budget revision was necessary. “Control of wages and pensions will be necessary for the 2014 budget as well and structural reforms need to begin immediately,” the Fiscal Council said, adding that the increase in wages and pensions in October would be “fiscally irresponsible”. (Tanjug) Tanjug
Fiscal Council: Budget revision is necessary
The Fiscal Council warned that Serbia “is back in a dangerous position thanks to insufficient reduction of deficit in 2013 and postponement of reforms when public debt crisis is possible”.The Finance Ministry’s austerity program will reduce the deficit by 0.6 or 0.7 percent instead by planned one percent.
The Fiscal Council believes that the condition of public finances in Serbia demands more serious measures and that the budget revision was necessary.
“Control of wages and pensions will be necessary for the 2014 budget as well and structural reforms need to begin immediately,” the Fiscal Council said, adding that the increase in wages and pensions in October would be “fiscally irresponsible”.
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