Draft budget to be in parliament by December 10

Draft budget to be in parliament by December 10

Vučić said that the 2015 budget will have to set the cornerstone for essential reforms so that Serbia may achieve better economic results in 2016.

He told reporters that the budget expenditure for 2015 had been discussed with ministers and heads of government companies at the meeting on Wednesday.

IMF representative in Serbia Kim Daehang will take part in the Thursday meeting that will focus on the new budget, he said.

Vučić said that considerable cost reductions would be made in the ministries of defense, agriculture, interior, transport and labor, to the total amount of 9 to 20 percent, which would help decrease the deficit significantly.

The projected revenue will be set somewhat lower than expected, he noted, adding that he still believed 2015 would be successful for Serbia.

The 2015 draft budget is slightly behind schedule because of the wait for the IMF to approve a three-year arrangement with Serbia, Vučić pointed out.

Social benefits will not be reduced and there will be no additional cuts in education and health care, he noted.

There will also be no reduction in the funds meant for large projects, but the emphasis will be placed on public-private partnerships and concessions, he explained.

"We are taking care not to put too much of a load on the public debt and that will be at the core of our activities in 2015," he remarked.

Serbia has to address the problem that banks have with loans that cannot be paid, because there can be no great economic growth if the banks cannot provide funds for citizens and companies, he said.