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Opinion on Fiscal Strategy for 2019 with projections for 2020 and 2021

January 4, 2019

The Fiscal Strategy has been missing its main mark for years i.e. to serve as a credible, strategic document for medium-term public finance management. As a fiscal policy framework in the next three years, it should comprise the following elements: 1) objective identification of the country’s most pressing economic issues and needs; 2) clear definition of fiscal policy objectives and strategic guidelines for the best ... Read more

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Assessment of the Budget Proposal for 2019

December 12, 2018

The 2019 budget plans for the central government deficit of 23 bn dinars, which, at the same time, is the dominant share in the general government deficit planned at 29 bn dinars (0.5% of GDP). The envisaged low fiscal deficit is suitable for Serbia, since it secures the achieved macroeconomic stability (low inflation, stable dinar exchange rate etc.); it will also lead, in the upcoming year, to a further decrease of the high public debt share in GDP. The second strength of the ... Read more

Fiscal and economic trends in 2018 and strategic recommendations for 2019 budget

October 22, 2018

Budget for 2019 should systematically regulate public finance, improve their structure and support economic growth. Thanks to Government measures and some favourable external circumstances, Serbia implemented a successful fiscal consolidation - from a fiscal deficit amounting to 2.2 bn Euros in 2014, we’ve arrived at a surplus in 2017 and 2018, while the public debt has been decreased from over 70% to under 60% of GDP. Now, with the ... Read more

Investments in enviromental protection: a social and fiscal priority

July 9, 2018

Serbia is one of the most polluted countries in Europe - which puts the health of the population at risk, shortens life expectancy, decreases the quality of life and leads to uneven regional development. It is the opinion of the Fiscal Council that the public finances would have to face this issue without delay, i.e. that the 2019 budget should already allocate far greater funds for ... Read more

Wages in general government: Current state and guideline for reform

June 13, 2018

Serbia needs a comprehensive reform of the general government wage and employment system, and in this study the Fiscal Council shall provide guidelines and recommendations for its implementation. A regulated wage and employment system and an adequate number of professionals employed are cornerstones of fiscal sustainability and modern and efficient state ... Read more

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