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Financial stability, economic growth set as priorities
Belgrade,
5 October 2013
Minister of Finance Lazar Krstic said that the Serbian government has two priorities – financial stability and healthy economic growth.
Lazar Krstic
Closing a two-day international business conference, dubbed Quantum Leap, Krstic said that reaching the two goals requires progress to be made in five areas, namely, the collection of taxes and excise duties, public sector reform, restructuring of public enterprises, stopping the growth of public debt and creation of new business environment.
The Minister said that at the end of 2013, the public debt will increase to €21 billion, from €19 billion at the end of last year.
It will take three to four years to gradually reduce the public debt, he said.
Krstic said that about €1 billion, or 10% of total public expenditure, goes to paying interests on loans.
The finance minister pointed out that a large part of the economy is in pre-bankruptcy stage, one fourth to one third of the bank loans are not being paid back, which leads to insolvency, but he nevertheless voiced belief that the difficult economic situation can be mended.
The government is not afraid of a reaction to reforms; it is concerned more about consequences that may arise if these reforms are not implemented, said Krstic.
The Quantum Leap conference, which brought together business leaders, potential investors, entrepreneurs, leading global experts and government officials, was organized by the Serbian Chamber of Commerce (PKS) to encourage the creation of a new business climate.
The event brought together over 70 panelists from Europe, Asia, and North and Central America.
The Minister said that at the end of 2013, the public debt will increase to €21 billion, from €19 billion at the end of last year.
It will take three to four years to gradually reduce the public debt, he said.
Krstic said that about €1 billion, or 10% of total public expenditure, goes to paying interests on loans.
The finance minister pointed out that a large part of the economy is in pre-bankruptcy stage, one fourth to one third of the bank loans are not being paid back, which leads to insolvency, but he nevertheless voiced belief that the difficult economic situation can be mended.
The government is not afraid of a reaction to reforms; it is concerned more about consequences that may arise if these reforms are not implemented, said Krstic.
The Quantum Leap conference, which brought together business leaders, potential investors, entrepreneurs, leading global experts and government officials, was organized by the Serbian Chamber of Commerce (PKS) to encourage the creation of a new business climate.
The event brought together over 70 panelists from Europe, Asia, and North and Central America.
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