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The Government of the Republic of Serbia

In the service of citizens

Fiscal strategy for 2013 with projections for 2014, 2015 adopted

28 November 2012

Belgrade, 28 Nov 2012 –The Serbian government adopted at today's session the fiscal strategy for 2013 with projections for 2014 and 2015, which defines the basic goals and guidelines in the implementation of economic and fiscal policy for the next three years.

The main objectives of this strategy are accelerating the process of European integration, macroeconomic stability, recovery and strengthening of the Serbian economy and increasing employment and living standards.

Improving public financial management at national and local levels, lower share of public expenditure, fiscal deficit and public debt in GDP, the establishment of a competitive tax system and predictable tax policy, and strengthening fiscal sustainability through the implementation of structural reforms are among the basic guidelines of this document.

This strategy provides a moderate GDP growth of 2% in 2013, 3.5% in 2014 and 4% in 2015. Also, the goal of fiscal policy is to strongly reduce the fiscal deficit next year from 6.1% to 3.6 %, and to 1% in 2015.

The public debt in GDP should be reduced from 65.2% to 58.4% in 2015. These goals can be met through tax policy measures (which was mostly implemented in the first three months of the new government), through the reduction of public expenditure and the implementation of structural reforms.

The government at its session today adopted the Bill on ratification of the International Agreement on Plant and Genetic Resources for Food and Agriculture, Bill on the confirmation of the Agreement between the government of Serbia and the Council of Ministers of Bosnia-Herzegovina on waterway navigation on inland waters, as well as the Bill on the confirmation of the Agreement between the government of Serbia and the Republic of Angola on cooperation in the field of defence.

The cabinet passed a decision on the appointment of Dusan Bajatovic as director general of the public enterprise Srbijagas Novi Sad.

The government appointed Nikola Rebac as head of North Backa District, Vladimir Ilic as head of North Banat District, Dusan Jovic as head of West Backa District, Zoran Milosevic as head of the South Backa District, Vojislav Jovanovic as head of Kolubara District, Goran Milosavljevic as head of Pomoravlje District, Vladan Paunovic as head of Zajecar District, Branko Vesic as head of Rasina District and Budimir Mihajlovic as Pcinja District head.