Russia has a new proposal for Ukrainian debt restructuring.
New Romanian government accepts 10 per cent increase of the public sector salaries.
The draft of a 2016 budget approved by Bosnia and Herzegovina.
The new government of Beata Szydło is in action. On Wednesday, November 18th, Mrs Szydło is going to present her exposé. Then her government will seek a vote of confidence. PM Szydło was officially nominated by the President Andrzej Duda on Friday. On Monday all the Ministers from conservative Law and Justice (PiS) were sworn-in.
The members of the cabinet (a picture above):
- Mateusz Morawiecki – Deputy PM and Minister of Development
- Piotr Gliński – First Deputy PM and Minister of Culture
- Jarosław Gowin – Deputy PM and minister of higher education and science
- Witold Waszczykowski – Minister of Foreign Affairs
- Paweł Szalamacha – Minister of Finance
- Krzysztof Tchórzewski – Minister of Energy
- Dawid Jackiewicz – Minister of the State Treasury
- Antoni Macierewicz – Minister of Defense
- Zbigniew Ziobro – Minister of Justice
- Jan Szyszko – Minister of the Environment
- Anna Zalewska – Minister of Education
- Witold Bańka – Minister of Sports
- Elżbieta Rafalska – Minister of Labor
- Mariusz Błaszczak – Minister of Internal Affairs
- Krzysztof Jurgiel – Minister of Agriculture
- Anna Streżyńska – Minister of Digitization
- Andrzej Adamczyk – Minister of Infrastructure and Construction
- Konstanty Radziwiłł – Minister of Health Care
- Marek Gróbarczyk – Minister of Maritime Economy
- Mariusz Kamiński – Member of the Council of Ministers, Coordinator of special forces
- Konrad Szymański – Minister at the PM’s Office for European affairs
- Adam Lipiński – Minister at the PM’s Office for contacts with the parliament
- Jerzy Kwieciński – Deputy Minister of Development, member of the Council of Ministers
- Beata Kempa – Head of the PM’s Office
- Henryk Kowalczyk – Minister at the PM’s Office and Chairman of the Government Standing Committee
- Elżbieta Witek – Minister at the PM’s Office, head of the political cabinet and acting government spokesperson.
PiS won the parliamentary election by 37.58 per cent of the vote. The Civic Platform (PO) which was a ruling party in the period 2007-2015 got 24.09 per cent.
Russian President Vladimir Putin has offered restructuring of Ukraine’s debt amounting USD3bn. “Speaking on November 16th on the sidelines of a G20 summit in Turkey, Putin proposed lifting a December deadline for the debt repayment” Radio Free Europe reports. Putin proposed that Russia will agree on annual payments of USD1bn in the period 2016-2018 instead of demanding USD3bn repayment on December 20th this year. “Not only we have agreed to restructure the Ukrainian debt, but we have proposed even better restructuring conditions than those asked for by the International Monetary Fund (IMF)” – Russian President commented. Vladimir Putin also added, regarding the Ukrainian restructuring deal, that Russia seeks for guarantees for the repayment from the United States, the European Union, or global financial organizations.
After getting vote of confidence on November 17th (389 votes “for” and 115 votes “against) the members of Romania’s new government led by Dacian Ciolos were sworn in. The first step of the new technocrat cabinet will be implementing the regulations on salaries and pensions that have been adopted by the Parliament. “At the end of last week, Finance Minister Eugen Teodorovici presented Dacian Ciolos a budget draft for the next year which provides a budget deficit of 3 per cent of the GDP and includes the 10 per cent increase of public sector wages”, RomaniaInsider reports. If Dacian Ciolos accepts it all the wages in the public sector will increase by 10 per cent starting from 2016.
Bosnia and Herzegovina
The government approved the draft budget for 2016. It amounts BAM2.5bn (EUR1.3bn). Total expenditures are projected at the level of BAM1.5bn (it’s BAM47.3m more than in 2015). BAM977.1 is planned to be set aside for debt repayments. The cabinet of Bosnia’s Muslim-Croat Federation plans to collect tax revenues of BAM1.4bn and non-tax revenues at the level of BAM381.3m. Bosnian budget and its realization is being monitored constantly by the International Monetary Fund (IMF). After the last visit of IMF officials to Sarajevo, IMF said the “Bosnian authorities need more time to finalize the 2016 budgets, which are critical for a potential IMF-supported program”.
What’s up in indexes?
BUX (of Budapest) grew by 2.02 per cent on Tuesday, November 17th. It closed at 22857.57 index points, while the previous close was 22404.78 index points. From year-end it’s up 37. 41 per cent.
BET (of Bucharest) was up 0.42 per cent. On Tuesday it was 7201.02 index points. The day before it was 7170.88 index points. From year-end it’s up 1.67 per cent.
PX (of Prague) was closed on Tuesday, November 17th (public holiday). But the day before it lost 0.24 per cent compared with Friday. Monday’s close was at 978.69 index points. From year-end it gained 3.38 per cent.
WIG20 (of Warsaw) grew by 1.84 per cent on Tuesday – increasing from 1971.43 index points (Monday) to 2007.62 index points. From year-end it lost 13.31 per cent.
OMXT (of Tallin) lost 0.19 per cent, falling from 878.09 index points Monday to 876.43 index points Tuesday. But from year-end it’s up 16.08 per cent.
OMXR (of Riga) lost 0.37 per cent, falling from 601.75 index points (Monday’s close) to 599.50 index points (Tuesday’s close). But from year-end it’s up 46.93 per cent.
OMXV (of Vilnius) dropped by 0.09 per cent. It fell from 481.82 index points (Monday) to 481.41 index points (Tuesday). From year-end it’s up 6.41 per cent.
SAX (of Bratislava) was closed on Tuesday (Struggle for Freedom and Democracy Day). On Monday it was up 1.76 per cent compared with Friday (306.10 index points vs 300.81 index points). From year-end it was up 37.68 per cent.
SOFIX (of Sofia) gained 0.94 per cent, increasing from 439.44 index points Monday to 443.59 index points Tuesday. From year-end it lost 15.04 per cent.
UX (of Kyiv) gained 0.25 per cent. It increased from 717.71 index points to 719.47 index points. From year-end it lost 30.37 per cent.
CROBEX (of Zagreb Stock Exchange) was up 0.14 per cent on Tuesday, November 17th. It closed at 1692.41 index points. The previous close was 1690.09 index points. And from year-end it dropped by 3.04 per cent.