Serbia will needs RSD 562.6bn (EUR 4.8bn) to finance its budget deficit, bring in financial assets and repay debt principal, according to the revised fiscal plan for this year, which the government submitted to parliament earlier this week, news agency Beta reported.
According to the budget revision draft, the government plans to borrow up to RSD 109.5bn from domestic and foreign commercial and multinational institutions and foreign governments. It intends to issue RSD 360bn worth of securities dominated in local and foreign currency on the domestic market and eyes further RSD 92.3bn from placing Eurobonds abroad. The state also plans to issue RSD 149bn guarantees this year, according to the rebalance. The parliament is due to vote on the document in mid-September. The revised budget targets cutting the deficit to 6.7% of GDP (RSD 203.6bn) by year-end from current 7.1% of GDP. Budget revenue is projected at RSD 829.6bn as tax revenue will generate 84.5% of total, or RSD 700.6bn. Fiscal spending for the year is planned at RSD 1,033bn.
Source Balkans
