Serbia's 2019 budget targets higher standard, faster development

Source: Xinhua| 2018-12-08 04:20:20|Editor: yan
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BELGRADE, Dec. 7 (Xinhua) -- The new Serbian budget, adopted by members of parliament (MPs) on Friday brings about significant increase in public sector salaries, as well as pensions and capital investments, aiming to improve living standards and accelerate development, government announced in a press release.

Serbia's state budget for 2019, approved by 141 out of 149 present MPs in a parliament of 250 MPs, envisages revenues of 1,246.2 billion RSD (12.02 billion U.S. dollars) and expenditures of 1,269.1 billion RSD (12.24 billion U.S. dollars).

Among its most significant traits are the 33 billion RSD increase in salary fund at all government levels, 35 million RSD increase in pension fund, as well as a 30 percent increase in means for capital investments to the total of 165.5 billion RSD.

Finance minister Sinisa Mali said in the parliament that the proposed Law on the Budget was balanced and "characterized by a social aspect that is related to the increase in living standards, accompanied by an increase in salaries and pensions, as well as a development aspect, reflected in record allocations for capital investments".

"The budget for 2019 and the accompanying set of reform laws provide a sound basis for further improvement of all areas of our society, which will ultimately result in an increase in investment activities, reduction of unemployment and improvement of living standard," he said.

The budget includes funds for continuing works on the bypass around Belgrade, road and highway construction and the project of Hungarian-Serbian railway, as well as railway infrastructure and train procurement, Mali said.

According to him, excellent results were achieved in the economy in 2018, with the period between January and September "recording economic growth of 4.5 percent, while the unemployment rate in the third quarter decreased to 11.3 percent."

The new budget is projected on the basis that the gross domestic product (GDP) growth in next year will amount to 3.5 percent, with a 2.3 percent inflation, while the deficit is expected to sum up to 22.9 billion RSD - 0.4 percent of the expected GDP. (1 USD equals 103.67 RSD)

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