Serbian Parliament Adopted 2008 Budget

Serbian Minister of Finance Mirko Cvetkovic stated that Serbia’s 2008 budget, which was adopted yesterday, will serve to promote economic growth and reduce public expenditure.  Cvetkovic told Beta news agency he was pleased that the budget, as the most important task of the Ministry of Finance, was adopted within the defined deadline. (download presentation)
Serbian Minister of Finance Mirko Cvetkovic stated that Serbia’s 2008 budget, which was adopted yesterday, will serve to promote economic growth and reduce public expenditure.  Cvetkovic told Beta news agency he was pleased that the budget, as the most important task of the Ministry of Finance, was adopted within the defined deadline.(download presentation)

”I am satisfied that the proposed budget was not changed, despite the fact that there were pressures to increase some spending”, Mr. Cvetkovic said. Demands by several trade unions to raise salaries, the minister said, were resolved within the projected budget framework.

Key measures to reduce government spending will be to contain payroll bill in state administration and public services at the real level, to reduce state subsidies by 5 percent and public investment by more than 10 percent, compared to the planned funds for 2007.

On 26 December 2007, members of the Serbian Parliament adopted the 2008 Budget Law, which forecasts budget revenues of 639.6 bln RSD, 654.4 billion in expenditure, and a RSD14.8 billion deficit.

The budget, which is by some 10 percent larger than the last year’s one, was backed by 132 MPs, 11 of them were opposed and 14 MPs did not vote.