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

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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

Going forward: Public sector reforms and locking-in balanced budget in Serbia

March 2, 2018

From an enormous fiscal deficit in 2014 (6.6% of GDP, i.e. 2.2 bn euros), Serbia practically reached a structurally balanced budget in 2017. However, indisputable achievements aside, the implemented fiscal consolidation has numerous weaknesses (absence of reforms, greater reliance on revenues than on savings). This is why public finances in Serbia, regardless of its excellent ... Read more

The Assessment of Budget proposal for 2018

December 12, 2017

The 2018 Budget plans for a 28 bn dinar deficit of the Republic, the largest part of the general government deficit, which is planned at 32 bn dinars. Fiscal Council’s assessment of the general characteristics of the budget is mostly favourable. First, in terms of the size of the deficit a good fiscal objective has been set (size of the deficit). Expressed as a share of GDP, the planned national deficit amounts to about 0.6% of GDP ... Read more

Fiscal trends in 2017 and recommendations for 2018

September 29, 2017

In 2017, the most important quantitative objectives of fiscal consolidation have been achieved. For the first time since 2005, there will be a fiscal surplus and, after ten years, the public debt shall once again see a significant drop. The balance between fiscal trends has neutralized the immediate danger of a public debt crisis and contributed to macroeconomic ... Read more

Local Public Finances: Issues, Risks and Recommendations

July 5, 2017

Fiscal problems of local governments put the national public finances at risk, but they also slow down economic growth and lower the quality of life of Serbian citizens. The budgets of many cities and municipalities are unsustainable, while the majority of public enterprises and other institutions under local governance (e.g. pharmacies) show very poor performance. Together with ... Read more

Fiscal Consolidation and Growth in Serbia, 2015-2017: Program, Accomplishments and Drivers

March 6, 2017

Despite the encouraging progress in economic and fiscal trends in 2015 and 2016, Serbia is still far from high economic growth and healthy public finances. In this paper, we provide an in-depth analysis of the drivers of the economic recovery and the fiscal deficit decrease in the previous two years. In both cases, the analyses have shown ... Read more

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