Serbian budget to be revised in July instead of June

BECICI - Serbian Finance Minister Lazar Krstic said Friday in Becici, Montenegro, that Serbia's budget will be revised in July instead of June, stressing that the recent catastrophic floods will not affect the implementation of the government's economic measures.

Krstic, who is attending the annual SEE summit of finance ministers and central bank governors, noted that Serbian government's measures will be carried out following a somewhat different schedule than originally planned, due to the floods that hit Serbia in May.

“The revision was going to be adopted in June but it will be carried out in June instead, and it will have to reflect the impact of the floods," Krstic said, recalling that the agriculture and infrastructure in flood-affected regions suffered the most damage.

Serbian government has in no way abandoned its goals, said Krstic, stressing that the economic situation in Serbia will largely depend on the country's approach to recovery after the disaster.

The government, formed in April after the early elections in March, laid out fiscal consolidation goals that mostly refer to the stabilization of the public debt, which doubled from 2008 to date, said Krstic

Serbia's budget deficit must be cut by RSD 170 billion this year, primarily on the expenditure side, Krstic emphasized.