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Reforms, budget revision precondition for Serbia’s development
Belgrade,
22 October 2014
Minister of Finance Dusan Vujovic confirmed that the Bill on amendments to the Law on the Budget of the Republic of Serbia for 2014 will be forwarded to the Serbian Parliament today, with the expectation that it will be placed on its agenda on 24 October.
Vujovic said at a press conference held after the Serbian government session that the budget revision and implementation of the reform measures are necessary for the future of Serbia and its citizens.
He pointed out that investors and international financial institutions are of great importance for our country.
Accordingly, the Minister announced that by the end of the year an agreement will be signed with the International Monetary Fund, and a programme of negotiations with this financial institution made.
He specified that the proposed budget revision of Serbia sets the budget deficit at RSD 225 billion instead of RSD 182 billion.
The budget expenditures are increased from RSD 1.113 billion to RSD 1.122 billion, while revenues are reduced from RSD 930 billion to RSD 897 billion.
With the accompanying budget laws, public sector wages and pensions exceeding RSD 25,000 will be reduced as of 1 November, which is a temporary and partial measure that will not hit those with the lowest income, among whom are 61% of pensioners, the Minister explained.
He underlined that with this reduction in salaries and pensions, the solidarity tax applied to date will be abolished.
The Minister said that the reduction of salaries will be linear, in the amount of 10%. The salaries between RSD 25,000 and RSD 27,800 will be reduced from 0% to 10%, and those above RSD 27,800 will be reduced by 10%.
He pointed out that investors and international financial institutions are of great importance for our country.
Accordingly, the Minister announced that by the end of the year an agreement will be signed with the International Monetary Fund, and a programme of negotiations with this financial institution made.
He specified that the proposed budget revision of Serbia sets the budget deficit at RSD 225 billion instead of RSD 182 billion.
The budget expenditures are increased from RSD 1.113 billion to RSD 1.122 billion, while revenues are reduced from RSD 930 billion to RSD 897 billion.
With the accompanying budget laws, public sector wages and pensions exceeding RSD 25,000 will be reduced as of 1 November, which is a temporary and partial measure that will not hit those with the lowest income, among whom are 61% of pensioners, the Minister explained.
He underlined that with this reduction in salaries and pensions, the solidarity tax applied to date will be abolished.
The Minister said that the reduction of salaries will be linear, in the amount of 10%. The salaries between RSD 25,000 and RSD 27,800 will be reduced from 0% to 10%, and those above RSD 27,800 will be reduced by 10%.
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