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The Government of the Republic of Serbia

In the service of citizens

Government adopts 2015 budget bill

Belgrade, 15 December 2014

Minister of Finance Dusan Vujovic said today that the Serbian government adopted the 2015 budget bill that projects RSD 924.4 billion of revenue and RSD 1,083 billion in expenditure.

The projected deficit of RSD 158.6 billion is comparable to the budget deficit stated at the start of the year and after the review at the end of the year, he told a news conference after the government meeting.

The expected deficit was RSD 163.8 billion at the start of the year and RSD 213 billion after the review, he noted.

This budget got support from the IMF, he pointed out adding it offers a chance to resolve the problems of the deficit as well as structural problems.

Expenditures were reduced by approximately RSD 10 billion compared to the beginning of the year, and by about RSD 120 billion compared with the revised budget, he said.

He announced the reform of the public enterprises, resolving the status of companies in restructuring, reform of public administration that has to be efficient, energy independence of Serbia and deficit reduction in the energy field.

The Minister said that the budget proposal saves RSD 65 billion at the state level, noting that social protection will not be affected.

The proposed budget allows for full transparency in all transactions, Vujovic stressed and pointed out that all the items are in line with international technologies.

He added that the budget was prepared on the basis of conservative macroeconomic assumptions.

Serious positive growth is expected in 2016 and 2017, the Minister of Finance said and noted that the budget proposal did not take into account a number of investment projects to be implemented early next year. Vujovic also reiterated that there will be no tax increases next year.