Finance Minister Siniša Mali announced that the 2026 state budget proposal will be presented to the Serbian Government next week and debated in Parliament by the end of November, according to RTS citing the Tanjug agency.
Mali told Prva TV that the budget will provide funding for the construction of highways, express roads, and other infrastructure projects, as well as for raising public sector salaries and pensions, aiming to improve citizens’ living standards.
According to information obtained by RTS, the draft budget for 2026 projects a deficit of 3% of GDP, with revenues totaling 2.414 trillion dinars and expenditures of 2.751 trillion dinars. Revenues from excise duties on oil derivatives are expected to increase by 7.9% compared to the 2025 budget, while spending will rise for projects such as the Belgrade metro, the national stadium, and public sector wages.
The Finance Ministry’s forecast places next year’s inflation within target levels, at 3.7%.
However, analysts warn that the plan could be disrupted by a factor not directly addressed in the draft — the NIS oil company, which contributes nearly 4% of Serbia’s GDP and accounts for about 10% of budget revenues.
Referring to the “situation with NIS,” the analysis questions whether fiscal policymakers are underestimating the impact of U.S. sanctions on one of Serbia’s largest firms or counting on a resolution of the issue by the end of this year.
The report also recalls a statement following the completion of the IMF’s precautionary arrangement review, in which the International Monetary Fund noted that Serbian authorities are determined to resolve the NIS sanctions issue in a way that ensures uninterrupted fuel supply.
“The document does not specify how this will be achieved,” the analysis concludes, as reported by RTS.
