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Serbia needs to tighten budget for 2009
Belgrade,
24 October 2008
State Secretary at the Ministry of Finance Slobodan Ilic said today that the Ministry will insist on tightening up its budget for 2009, since it is of great necessity at the moment.
In a statement to the Tanjug news agency, Ilic said that we are all becoming aware of the global financial crisis and added that the government will not put pressure on domestic banks by privatising their remaining state shares.
He recalled that there are nine state banks in Serbia in which the state has between a 70% to 90% stake, including Kredit Banka from Kragujevac, Srpska Banka, Privredna Banka Pancevo and Postanska Stedionica.
A second group comprises banks in which the state possesses a majority of shares, such as Cacansa Banka, Komercijalna Banka, while banks belonging to the third group, in which Serbia has a minority share, are Agrobanka and Jubmes Banka, said Ilic.
According to Ilic the same will be done with insurance companies still awaiting privatisation, such as Dunav Osiguranje.
Ilic expressed expectation that the Deposit Insurance Agency will form a board to immediately start contemplating strategies. He said that Serbia’s banking system will remain stable and setting up a fund in 2009 in case of a liquidity crisis on the financial market will also contribute stability.
He recalled that there are nine state banks in Serbia in which the state has between a 70% to 90% stake, including Kredit Banka from Kragujevac, Srpska Banka, Privredna Banka Pancevo and Postanska Stedionica.
A second group comprises banks in which the state possesses a majority of shares, such as Cacansa Banka, Komercijalna Banka, while banks belonging to the third group, in which Serbia has a minority share, are Agrobanka and Jubmes Banka, said Ilic.
According to Ilic the same will be done with insurance companies still awaiting privatisation, such as Dunav Osiguranje.
Ilic expressed expectation that the Deposit Insurance Agency will form a board to immediately start contemplating strategies. He said that Serbia’s banking system will remain stable and setting up a fund in 2009 in case of a liquidity crisis on the financial market will also contribute stability.
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