Economy

Western Balkans countries need to tackle their high budget deficits, cut trade deficits, privatize public institutions and work on labour market reforms, the International Monetary Fund, IMF, says in a new report.

The report presented on Tuesday in Vienna analyses economic growth, fiscal policies and labour market reforms since 2000.

European Central Bank buying of government and other debt may be shielding countries in the euro zone from any knock-on effect from events in Greece, ECB President Mario Draghi said on Wednesday.

Turkey?s current account deficit narrowed to $2 billion in January, beating estimates, thanks to the decrease in oil prices and the fall in the foreign trade deficit in the same period, according to data released by the Central Bank on March 11.

The annual current account deficit fell to $42.87 billion in January from $45.85 billion in the previous month, according to the data.

By Elena Becatoros

Greece's new government is "radically opposed" to the privatization of certain businesses, particularly in the energy and infrastructure sectors, a senior cabinet minister said Wednesday as reforms talks with creditors were due to begin.

Over the course of the first several months of 2015, more than BGN 12, 000 had to be invested in the restoration or substitution of waste sorting containers across Bulgaria.

The announcement was made by Georgi Slavchev - a representative of one of the companies appointed to administer the process within the Sofia municipality, as reported by the Bulgarian National Radio.

Representatives of the government and the country?s international creditors are expected to launch ?technical level? talks in Brussels on Wednesday at 3 p.m. Greek time, amid reports that technical teams from the European Commission, European Central Bank and International Monetary Fund ? formerly known as the ?troika? ? will visit Athens on Thursday.

Greece sold 1.3 billion euros ($1.38 billion) of three-month Treasury bills on Wednesday, covering the amount it wanted to refinance a maturing issue, in an auction that tested its ability to raise funds amid a cash crunch.

Google announced it's "Grow Greek TOurism Online" program, a project that aims to provide enterprises in Greek tourism with tools that can help boost their businesses over the summer season and beyond. The initiative has been taken to deal with the 70% increased demand for online vacation searches noted from June to September.

BELGRADE - Te Serbian dinar dropped on Wednesday by 0.1 percent against the euro, thus setting the official middle exchange rate at RSD 120.9947, the National Bank of Serbia (NBS) released.

The value of the Serbian currency against the eurozone currency is by 0.9 percent higher on Wednesday than it was a month ago and it is by 4.2 percent lower than a year ago.

"Electricity price rise part of IMF-Serbia agreement"

VIENNA -- The 15-percent electricity price hike is part of IMF's agreement with Serbia, as stated in a memorandum which the country submitted before the deal was closed.

This was announced by head of the IMF mission Zuzana Murgasova.