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Serbia to issue Eurobonds as of September
Belgrade/Becici,
17 June 2011
State Secretary of Finance Goran Radosavljevic today stated that the Serbian government decided to start issuing Eurobonds, the first emission of which can be expected early in September.
At a Summit of central bank governors and finance ministers of south-east Europe, organised by the Ekonomist Media Group in Becici, Montenegro, Radosavljevic specified that the first emission will most likely be €200 million and RSD 500 million.
This will pose a challenge to Serbia, but we believe that there is demand for bonds in dinars on the domestic market, he explained, voicing his expectation that foreign investment in Serbia will reach €3.5 billion this year.
During the three years of crisis, Serbia did its best to maintain the fiscal deficit at the level of 4% of GDP, in which it had considerable assistance from the arrangement with the IMF.
Radosavljevic specified that over the last four months, Serbia drew €250 million in loans from the European Investment Bank and that during the summer it will draw another €250 million, adding that these funds are intended for exporters and the media.
The State Secretary underlined that Serbia’s goal is to reduce the fiscal deficit to 3% of GDP by 2013 in order to be able to bring it further down to 1% of GDP in 2015.
We expect the public debt to be reduced to 40% of GDP by 2015, and in order to achieve this, we must secure new sources of financing. One of them has already been secured, and these are EU pre-accession funds, Radosavljevic concluded.
This will pose a challenge to Serbia, but we believe that there is demand for bonds in dinars on the domestic market, he explained, voicing his expectation that foreign investment in Serbia will reach €3.5 billion this year.
During the three years of crisis, Serbia did its best to maintain the fiscal deficit at the level of 4% of GDP, in which it had considerable assistance from the arrangement with the IMF.
Radosavljevic specified that over the last four months, Serbia drew €250 million in loans from the European Investment Bank and that during the summer it will draw another €250 million, adding that these funds are intended for exporters and the media.
The State Secretary underlined that Serbia’s goal is to reduce the fiscal deficit to 3% of GDP by 2013 in order to be able to bring it further down to 1% of GDP in 2015.
We expect the public debt to be reduced to 40% of GDP by 2015, and in order to achieve this, we must secure new sources of financing. One of them has already been secured, and these are EU pre-accession funds, Radosavljevic concluded.
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