Fiscal Council

BELGRADE - Public enterprises are sinking Serbia's public finance and unless the solution to this problem is sought simultaneously with fiscal consolidation and salary and pension cuts, it would turn out to be a pointless sacrifice, economic expert Vladimir Vuckovic warned on Tuesday.

BELGRADE - The Fiscal Council of Serbia released on Tuesday that the country's deficit could total RSD 147 billion or around 8.5 percent of the GDP, while the public debt added up to EUR 22.4 billion or around 71 percent of the GDP at the end of August 2014, which constitutes a EUR 1.66 billion increase since the beginning of the year.

BELGRADE - VAT may increase by three to four percent in Serbia in case savings measures do not produce the expected effects, economic experts said on Thursday.

The Serbian government announced only the 2015 savings programme with plans for budget deficit reduction by EUR 700 million, professor of the Belgrade Faculty of Economics Milojko Arsic said.

BELGRADE - Dismissals are necessary and a reduction in the number of public sector employees through natural outflow cannot be expected, President of the Fiscal Council Pavle Petrovic stated commenting on the data according to which there is a surplus of 25,000 public sector employees.

Fiscal Council skeptical about measures

BELGRADE -- The proposed salary and pension cuts are insufficient and the VAT will have to be increased as a result, Fiscal Council President Pavle Petrović said.

BELGRADE - The proposed salary and pension cuts are insufficient and the VAT will have to be increased as a result, Fiscal Council President Pavle Petrovic said.

"Immediate 15 percent cuts of pensions and salaries"

BELGRADE -- Unless public sector salaries and pensions are immediately reduced by 15 percent linearly, a new reduction will have to be implemented in the next year.

BELGRADE - Unless public sector salaries and pensions are immediately reduced by 15 percent linearly, a new reduction will have to be implemented in the next year already, the Fiscal Council warned and added that any lower cut would compel the government to make up for the funds through VAT increase.

BELGRADE - Serbia's budget revenues coming from excise taxes on oil derivatives will rise by around RSD 17 billion this year, while revenues from excise taxes on tobacco products will drop by RSD 24 billion, according to the latest estimates by the Fiscal Council.

PM: We'll overcome crisis in two years

BELGRADE -- Serbia will overcome the crisis "in two years," and due past irresponsible behavior the country is on track to go bankrupt in six months, says Aleksandar Vučić.