Fiscal Council: Improvements present, but insufficient

The proposed 2017 budget bill brings improvements to public finances, but the opportunity to take a bigger stride towards a lasting recovery has been missed.

Source: Tanjug

This is according to the Fiscal Council - an independent state institution that reports to the Serbian National Assembly.

The government debt of approx. 74 pct of GDP is exceptionally high and dangerous, Fiscal Council President Pavle Petrovic told a press conference Friday.

Unsuccessful public and state-owned enterprises are a huge budget expenditure, but also pose a budget risk for the future, he noted.

The relatively low 2017 budget deficit, which amounts to 69 bln dinars, will reduce the public debt-to-GDP ratio by about 1.1 percentage points, Petrovic said.

The deficit has been planned in a credible manner and there are no major risks of revenues falling significantly short of the plan or expenditures spiraling out of control, he said.

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