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The Government of the Republic of Serbia

In the service of citizens

IMF satisfied with economic progress of Serbia

Belgrade, 4 October 2018

Minister of Finance Sinisa Mali announced today that the government will make a decision to increase pensions by five percent for pensioners with the lowest pensions, and thanked Head of the IMF Mission James Roaf for supporting such a measure.

Mali told a press conference on the occasion of the first review of the results of the implementation of the new macroeconomic and structural reforms programme, supported by the Policy Coordination Instrument (PCI), that the increase will be given to pensioners whose pension is below RSD 32,285.

He announced that from1 January 2019, the unemployment tax that is paid by employers in the amount of 0.75 percent will be abolished, which will reduce the total burden on salaries from 63 percent to 62 percent.

In addition, by the end of October, a proposal of the new law on compensations will be completed, for which the approval of the IMF has been obtained, and certain para-fiscal charges will be abolished.

The Minister added that in the 2019 budget envisages public investments worth RSD 208 billion, which is RSD 25 billion more than in 2018, as well as stimulating measures for innovative technologies, which will be defined by the end of October.

In addition to the package of stimulating measures for the economy, we will also bring a package of stimulating measures for innovative activities, which will come into force on 1 January 2019.

Also, the Minister noted that the process of modernisation and transformation of the Tax Administration has been initiated and is going in the right direction, which is also one of the priorities.