16 EU member states against EU budget cuts

The Friends of Cohesion Summit, Prague, Czech Republic (Adam Guz/KPRM, Public domain)

Ukrainian 2020 budget with EUR438m revenues from privatization

Serbia to borrow EUR580m for construction of metro in Belgrade

European Union

All EU members that joined in 2004 or later and Spain, Portugal and Greece signed a declaration calling for cohesion funds to stay at the same level, in real terms, in the next budget period. As Reuters reports, Czech Prime Minister Andrej Babis said at a summit in Prague of the Friends of Cohesion group that “The Commission proposal is really unacceptable for us.”

“The current Commission made a proposal that is not fair,” Hungarian Prime Minister Viktor Orban added. “The new proposal wants to reduce cohesion — in other words the poorer will get less and the richer will get more,” he said.

Poland’s PM Mateusz Morawiecki wrote on Twitter that “the EU budget must be fair while for its development EU needs a tight tax system, construction of roads, railways and bridges, and equal farmer subsidies are needed.”

The current budget amounts to 1 per cent of the EU’s combined Gross National Income (GNI). The European Commission has proposed a seven-year budget of about EUR1.1 trillion that would be about 1.11 per cent of the EU’s combined GNI. Germany, the biggest EU economy and paymaster, wants to ensure its contributions to the budget do not shoot up when Britain leaves, and proposes a 1 per cent cap.

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Ukraine

The draft of Ukrainian budget for 2020 includes UAH6bn (EUR219m) of revenues from privatization of large companies and the same amount from privatization of small companies, Interfax news agency informed.

“In addition, it is proposed to provide UAH2bn (EUR73m) for social and economic development, as well as UAH7.5bn (EUR274m) for the State Regional Development Fund,” Ukrainian Prime Minister Oleksiy Honcharuk said.

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Serbia

In 2020, Serbia plans to borrow up to EUR580m to finance the construction of the Belgrade metro network, the draft budget shows. For the first phase of the project Serbia wants to borrow from the French government. Additional EUR500m will be borrowed from foreign investment corporations, banks and funds.

“Belgrade metro is the largest and most important infrastructure project, and it is of a national importance for Serbia,” Serbian Minister of Transport, Zorana Mihajlovic said. Belgrade metro will consist of 2 lines with a total estimated length of 42 km.

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What’s up in indexes

BET (of Bucharest) increased from 9610.18 index points Monday, November 4th to 9668.98 index points Tuesday, November 5th. It’s up 0.43 per cent d/d and up 12.8 per cent y/y.

BUX (of Budapest) increased from 42818.00 index points Monday, November 4th to 43237.00 index points Tuesday, November 5th. It’s up 0.98 per cent d/d and up 14.4 per cent y/y.

OMXR (of Riga) decreased from 1016.11 index points Monday, November 4th to 1011.88 index points Tuesday, November 5th. It’s down 0.42 per cent d/d and up 6.25 per cent y/y.

OMXT (of Tallinn) decreased from 1262.69 index points Monday, November 4th to 1259.63 index points Tuesday, November 5th. It’s down 0.24 per cent d/d and up 5.64 per cent y/y.

OMXV (of Vilnius) decreased from 703.54 index points Monday, November 4th to 703.50 index points Tuesday, November 5th. It’s down 0.01 per cent d/d and up 6.81 per cent y/y.

PX (of Prague) increased from 1069.69 index points Monday, November 4th to 1077.01 index points Tuesday, November 5th. It’s up 0.68 per cent d/d and up 0.43 per cent y/y.

RTS (of Moscow) increased from 1455.44 index points Friday, November 1st to 1460.50 index points Tuesday, November 5th. It’s up 0.35 per cent d/d and up 26.9 per cent y/y.

SAX (of Bratislava) decreased from 346.07 index points Monday, November 4th to 339.53 index points Tuesday, November 5th. It’s down 1.89 per cent d/d and up 2.17 per cent y/y.

SOFIX (of Sofia) decreased from 554.00 index points Monday, November 4th to 553.00 index points Tuesday, November 5th. It’s down 0.34 per cent d/d and down 7.32 per cent y/y.

UX (of Kyiv) decreased from 1516.28 index points Monday, November 4th to 1491.87 index points Tuesday, November 5th. It’s down 1.61 per cent d/d and down 14.90 per cent y/y.

WIG20 (of Warsaw) increased from 2264.06 index points Monday, November 4th to 2272.45 index points Tuesday, November 5th. It’s up 0.37 per cent d/d and up 1.73 per cent y/y.

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