Serbia to have fiscal surplus first time since 2005

For the first time since 2005, a fiscal surplus will be achieved and public debt will be in a sharp decline again after ten years, Fiscal Council saysd.

Source: Tanjug
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(Thinkstock)
(Thinkstock)

Speaking at a traditional meeting with members of the Serbian Association of Managers on Friday, Fiscal Council representatives noted that "foundations for sustainable and healthy public finances and acceleration of economic growth can be set in 2018 as the most significant quantitative objectives of fiscal consolidation were achieved in 2017."

Fiscal Council member Vladimir Vuckovic said that the achieved macroeconomic stability needs to be preserved through a responsible fiscal and economic policy, and singled out the economy's growth as the key issue where Serbia is lagging behind the region.

"There are two levers of growth that need to be worked on - on one hand, more investments, both by the state and small and medium enterprises, and bringing order into the business environment by cutting red tape and ensuring an efficient judiciary," Vuckovic said.

Questions about the fiscal movements and the expected trends in 2018, what impacts Serbia's macroeconomic stability, which reforms are taking place and whether and when the restructuring and privatization of state enterprises will end, were the focus of the participants in this meeting.

They also spoke about what Serbia needed in order to achieve achieve high economic growth rates, what were the drivers of economic growth and of the reduction of the fiscal deficit in the past period, as well as what was needed to have more invests in Serbia, and how to encourage both private and public investments.

The meeting also discussed whether there was fiscal space for tax combinatorics, and the conclusion was that there should be a broadder dialogue with representatives of other state structures as well.

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