Finance Minister Sinisa Mali met with Republika Srpska Finance Minister Zora Vidovic to discuss Republika Srpska’s development and economic potentials and said that the Government of Serbia is ready for the advisory role and transfer of experience we have had in raising our economy.
“I have told the Minister of Finance of Republika Srpska (RS) that she can always find support in the Government of Serbia and that we are ready for the advisory role and transfer of experience we have had in raising our economy.
The economies are similar and complementary to us and a lot of what we have applied here can be applied in this economic environment as well”, said Mali. According to the Ministry of Finance, Mali reminded that, according to preliminary data, Serbia achieved 4.2 percent economic growth last year, which ranks it among the leading economies in the region.
“If we bear in mind that we have attracted around 3.8 billion euros in investments, reduced unemployment to below ten percent, it is clear that we also have the credibility to recommend our economic policy to others”, Mali said, adding that Serbia was able to lowered public debt to below 50 percent, up from 70 percent a few years ago.
At the meeting it was stated that the state of the RS public debt is currently 37.1 percent of GDP, which, as it was said, is below the debt ceiling, which, according to the Law on Borrowing, Debt and Guarantees of RS, amounts to 55 percent of GDP for public debt.
With the budget for 2020, total debt of RS is planned in the amount of 180 million euros, or 21 million less than last year, and the potentials are primarily focused on capital investments.
It was also concluded that Srpska regularly serviced its obligations to the IMF, which is a prerequisite for recognizing RS as reliable by potential investors, Danas reports.