Q:
A:
Government aims to save, conduct strong monetary, fiscal policies
Belgrade,
27 October 2008
Serbian Deputy Prime Minister and Minister of Economy and Regional Development Mladjan Dinkic said today that Serbia has a great chance to ride out the global financial crisis and secure a relatively acceptable level of economic growth.
Author:
Tanjug
At the second round table debate with representatives of the Serbian government and the Economist Media Group, held at the Sava Centre, Dinkic said it is necessary to save, conduct strong monetary and fiscal policies as well as refrain from excessive personal spending.
Instead of spending we will have to invest in the future, that is, infrastructure. That is the way to survive and continue developing, stressed the Minister.
He recalled that Serbia has had a high rate of economic growth in the previous five years and added that, in order to sustain this growth during the global economic crisis we have to secure macroeconomic stability, which implies conducting strong monetary and fiscal policies.
Large amounts of foreign currency reserves guarantees Serbia’s stability, said Dinkic, stressing that Serbia has to continue strengthening its banking system.
The Minister added that Serbia needs a stable and forward thinking budget, which means that any budget deficit has to be below 1% of GDP.
According to Dinkic, the structure of public spending has to be altered for the benefit of capital investments.
Instead of spending we will have to invest in the future, that is, infrastructure. That is the way to survive and continue developing, stressed the Minister.
He recalled that Serbia has had a high rate of economic growth in the previous five years and added that, in order to sustain this growth during the global economic crisis we have to secure macroeconomic stability, which implies conducting strong monetary and fiscal policies.
Large amounts of foreign currency reserves guarantees Serbia’s stability, said Dinkic, stressing that Serbia has to continue strengthening its banking system.
The Minister added that Serbia needs a stable and forward thinking budget, which means that any budget deficit has to be below 1% of GDP.
According to Dinkic, the structure of public spending has to be altered for the benefit of capital investments.
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