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Cvetkovic: Budget review follows fiscal rules

11. October 2011. | 14:53

Source: Tanjug

Serbia's Prime Minister Mirko Cvetkovic stated Tuesday that the proposed budget review for 2011 is fully in keeping with fiscal rules, adding that the International Monetary Fund (IMF) and the Serbian Fiscal Council have supported it.

Serbia's Prime Minister Mirko Cvetkovic stated Tuesday that the proposed budget review for 2011 is fully in keeping with fiscal rules, adding that the International Monetary Fund (IMF) and the Serbian Fiscal Council have supported it.

The new budget is fully accordant with rules of fiscal responsibility. Bearing in mind the possible new wave of the economic crisis, Serbia started talks with IMF and together with them we have worked on the document. IMF approved such a fiscal policy and based on that they accepted to make a new arrangement with Serbia, Cvetkovic explained at the session of the Serbia's Finance Committee.

He added that the review proposes lower incomes, whereas the expenditures will stay at almost the same level, and pointed out that most of the funds, 39.4 percent, will be allocated for social protection.

The social protection is followed by defense and security, science and education, whereas the new budget will allocate 3.7 percent for administration, he said.

The Finance Committee approved the proposed budget review for 2011 in principle, and the Alliance of Vojvodina Hungarians and the League of Social Democrats of Vojvodina abstained from voting.

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