IMF completes review mission to Serbia

The IMF completed its review mission in Serbia, according to an official announcement. In addition to what has already been agreed on Thursday (Oct 4), IMF mission chief James Roaf told the public broadcaster RTS that the wage bill would increase by about 7%. He added that a government will reveal the final hike in the next few weeks. Roaf said that the new wage system will help balance salaries in a better way. FinMin Sinisa Mali elaborated that the increase of the wages per sector will be known by the end of the month adding that those with relatively low wages will get higher increase. He also said that public sector employees could expect higher wages already in December.

Mali noted that the central government budget run a surplus of RSD49.3bn at end-September, whereas central government debt fell below 56% of GDP. The finance minister added that the authorities plan to reduce further the debt to around 50% of GDP by end-2018, while at the beginning of 2019 to be lower than this level (read more). Serbia should close 2018 with a fiscal surplus of RSD 28.3bn or 0.6% of GDP, while in 2019 it will target a fiscal deficit of about RSD 28bn or 0.5% of GDP, the minister said.

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