Q:
A:
Budget revision in line with fiscal rules
Belgrade,
11 October 2011
Prime Minister Mirko Cvetkovic today stated that the proposed budget revision for 2011 is fully compatible with fiscal rules, which is proved by the fact that it was backed by the IMF and the Serbian Fiscal Council.
Author:
Tanjug
Speaking at a session of the Serbian Parliamentary Committee on Finances, Cvetkovic stressed that the government worked on this act together with the IMF, bearing in mind a possible new wave of the economic crisis.
He said that the IMF accepted the Serbian government’s fiscal policy and on this basis Serbia was approved a new arrangement with the IMF.
Cvetkovic said that the proposed budget revision for 2011 envisages lower revenues, while expenditures remained at a practically the same level, stressing that the largest amount of funds will be earmarked for social care, 39.4%.
The next will be defence and security, science and education, while 3.7% will be set aside for the administration.
He noted that these are much lower expenses than in earlier years, bearing in mind that the greatest saving was achieved precisely in these remits.
Public spending in 2010 stood at 45.5%, while this year it will be below 44%, which tells us that we achieved a reduction and we want to continue with this trend in the period ahead, Cvetkovic concluded.
He said that the IMF accepted the Serbian government’s fiscal policy and on this basis Serbia was approved a new arrangement with the IMF.
Cvetkovic said that the proposed budget revision for 2011 envisages lower revenues, while expenditures remained at a practically the same level, stressing that the largest amount of funds will be earmarked for social care, 39.4%.
The next will be defence and security, science and education, while 3.7% will be set aside for the administration.
He noted that these are much lower expenses than in earlier years, bearing in mind that the greatest saving was achieved precisely in these remits.
Public spending in 2010 stood at 45.5%, while this year it will be below 44%, which tells us that we achieved a reduction and we want to continue with this trend in the period ahead, Cvetkovic concluded.
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