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Premature debt repayment to World Bank and pensioners planned by year’s end
Belgrade,
18 October 2006
Serbian Minister of Finance Mladjan Dinkic said today that direct foreign investment will reach a record high of $4.1 billion and announced a premature debt repayment to the World Bank and pensioners by the end of the year.
Mladjan Dinkic speaks at today's press conference
Dinkic told a press conference that the state expects additional revenues from the sale of third mobile phone operating license in the amount of at least €320 million.
He announced that the government will make a decision tomorrow to service the debt to the World Bank in advance to the amount of $410 million, or Serbia’s total debt to this international financial institution for the 2007-2009 period.
The Minister of Finance said that the debt for agricultural pensions to nearly 200,000 pensioners of 20,000 dinars on average will be paid throughout November, which makes a total of 4.5 billion dinars from the budget.
Pensioners of the Pension and Disability Insurance Fund will receive a quarter of their pensions, or 4.2 billion dinars from the budget, he said.
Dinkic said that the budget surplus by year's end will exceed 40 billion dinars, whereas the total consolidated surplus will reach 55 billion dinars, which means Serbia will have €1.6 billion in the budget, which it will transfer to the 2007 budget.
He explained that apart from the anticipated surplus of approximately 40 billion dinars, the consolidated surplus by end-2006 should exceed 55 billion dinars because it includes surpluses of public institutions and local self-governments at the state level.
Speaking about budget revenues and expenditures, Dinkic specified that budget revenue in the first 10 months this year stood at 364.2 billion dinars and expenditures at 333.9 billion dinars, therefore the budget surplus in this period was 30.3 billion dinars.
Bearing in mind the possibility that over 10 billion dinars be spent from the National Investment Plan by end-2006, the remaining 23 billion dinars will be transferred to next year's budget, explained Dinkic and added that he expects an increase of 14.5 billion dinars in budget revenues by year's end and a reduction of 10.5 billion dinars in expenditures.
He said that regardless of the plan to pay off the debt towards the World Bank and pensioners before its due, the total surplus will be25 billion dinars higher than the projected one.
He announced that the government will make a decision tomorrow to service the debt to the World Bank in advance to the amount of $410 million, or Serbia’s total debt to this international financial institution for the 2007-2009 period.
The Minister of Finance said that the debt for agricultural pensions to nearly 200,000 pensioners of 20,000 dinars on average will be paid throughout November, which makes a total of 4.5 billion dinars from the budget.
Pensioners of the Pension and Disability Insurance Fund will receive a quarter of their pensions, or 4.2 billion dinars from the budget, he said.
Dinkic said that the budget surplus by year's end will exceed 40 billion dinars, whereas the total consolidated surplus will reach 55 billion dinars, which means Serbia will have €1.6 billion in the budget, which it will transfer to the 2007 budget.
He explained that apart from the anticipated surplus of approximately 40 billion dinars, the consolidated surplus by end-2006 should exceed 55 billion dinars because it includes surpluses of public institutions and local self-governments at the state level.
Speaking about budget revenues and expenditures, Dinkic specified that budget revenue in the first 10 months this year stood at 364.2 billion dinars and expenditures at 333.9 billion dinars, therefore the budget surplus in this period was 30.3 billion dinars.
Bearing in mind the possibility that over 10 billion dinars be spent from the National Investment Plan by end-2006, the remaining 23 billion dinars will be transferred to next year's budget, explained Dinkic and added that he expects an increase of 14.5 billion dinars in budget revenues by year's end and a reduction of 10.5 billion dinars in expenditures.
He said that regardless of the plan to pay off the debt towards the World Bank and pensioners before its due, the total surplus will be25 billion dinars higher than the projected one.
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