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A:
Serbia’s public debt reduced by €309m in April
Belgrade,
12 May 2013
The Ministry of Finance and Economy stated today that the public debt of the Republic of Serbia at the end of April stood at €19.08 billion, down by €309 million in relation to the previous month.
The statement says that as a result of the debt repayment by the state, the share of public debt in GDP declined to 56.1%.
Serbia reduced its debt in April primarily due to premature repayment of half of the debt to the London Club of Creditors, by which one of the best operations of sovereign debt restructuring has been made since 2006, when a large portion of debt to the World Bank was also prematurely repaid.
A significant debt repayment in April was also made in the domestic financial market, where RSD 39 billion of debt on previously issued securities was paid off.
The debt repayment by Serbia contributed to a further decline in interest rates and growing confidence in government bonds, both at domestic and international capital markets.
The government will take other actions to reduce the share of public debt in the GDP, and the most important measures will be to strengthen the domestic economy and exports, as well as to reduce the budget deficit to sustainable levels through elimination of unproductive government spending at all levels and a public sector reform.
Serbia reduced its debt in April primarily due to premature repayment of half of the debt to the London Club of Creditors, by which one of the best operations of sovereign debt restructuring has been made since 2006, when a large portion of debt to the World Bank was also prematurely repaid.
A significant debt repayment in April was also made in the domestic financial market, where RSD 39 billion of debt on previously issued securities was paid off.
The debt repayment by Serbia contributed to a further decline in interest rates and growing confidence in government bonds, both at domestic and international capital markets.
The government will take other actions to reduce the share of public debt in the GDP, and the most important measures will be to strengthen the domestic economy and exports, as well as to reduce the budget deficit to sustainable levels through elimination of unproductive government spending at all levels and a public sector reform.
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