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No alternative to IMF programme
Belgrade,
15 September 2009
Minister of Finance Diana Dragutinovic today stated that there is no alternative to Serbia’s programme with the IMF both because of the loans and other international financial institutions, as well as commercial loans and the state at the financial and foreign currency market.
Presenting the survey ‘Balance Model Has to Change’, drafted by a group of authors from the Economics Institute, Dragutinovic stressed that bearing in mind the structure of the budget, Serbia’s taxes are not too low, but also noted that the tax system must be changed and made more just.
She recalled that the IMF insisted that Serbia’s budget deficit for 2010 will be 3% of GDP, but added that the Serbian government believes it can be higher, especially taking into consideration the IMF’s arrangements with other countries.
The Minister recalled that when Hungary was closing a similar arrangement with the IMF it was granted a 4% budget deficit, although its finances were not as good as Serbia’s are now.
She said that this year’s deficit will most likely stand at 4.5% of GDP and that 35% of GDP is set aside for investment, health and education, while the remaining 65% covers other state expenses.
She recalled that the IMF insisted that Serbia’s budget deficit for 2010 will be 3% of GDP, but added that the Serbian government believes it can be higher, especially taking into consideration the IMF’s arrangements with other countries.
The Minister recalled that when Hungary was closing a similar arrangement with the IMF it was granted a 4% budget deficit, although its finances were not as good as Serbia’s are now.
She said that this year’s deficit will most likely stand at 4.5% of GDP and that 35% of GDP is set aside for investment, health and education, while the remaining 65% covers other state expenses.
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