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The Government of the Republic of Serbia

In the service of citizens

2020 budget for financial stability, economic growth

Belgrade, 20 November 2019

Prime Minister Ana Brnabic announced today that the budget proposed for next year will contribute to further raising citizens' standards and economic growth, adding that it is not electoral, but developmental.

Brnabic, representing MPs the Budget Bill for 2020, stated that its main features are a sustainable general government deficit of 0.5% of GDP, or roughly RSD 30 billion, and an even distribution of fiscal space to increase standards, stimulate growth through increased public spending. investment and tax relief on earnings.

The Prime Minister recalled that the proposed budget foresees, among other things, a 5.4% increase in pensions from 1 January 2020, as well as projected GDP growth of four percent and average inflation of two percent.

She explained that it also envisages better income for citizens, improvement of health care, better conditions for the education of children and further modernization of the education system, investment in culture and sports infrastructure and support for pronatal policy.

According to Brnabic, the budget for 2020 has set record record capital expenditures of approximately RSD 260 billion so far, which will certainly stimulate further GDP growth.

The Prime Minister added that it is proposed to continue increasing investment in infrastructure beyond the year in which complete Corridor 10 was completed, as well as important sections of Corridor 11.

Next year, she said, a new investment cycle will be opened - construction of the Morava and Fruska Gora corridors, further construction of the highway to BiH and Republika Srpska, the beginning of construction of the so-called highway of peace to the port of Durres and others.

Brnabic said that investing in infrastructure - better roads and railways, connecting cities and municipalities in Serbia and Serbia with the region, mean a much better quality of life for all our citizens.

These investments also mean new investments, easier placement of goods on foreign markets, less internal migration, better opportunities and equal living conditions for all citizens in Serbia, the Prime Minister emphasised.

She pointed out that the government of Serbia continued to act responsibly and would not threaten fiscal stability at any time.

The budget is designed so that, without compromising the stability of public finances and the pace of reducing public debt, we raise the standard of living of the population, stimulate private consumption and accelerate economic growth, Brnabic said.