Finance Minister Diana Dragutinović says Serbia is borrowing money from ten commercial banks in order to finance the budget deficit. The state will take out loans worth EUR 250mn.
Posts Tagged ‘Business & Economy’
Minister on nuclear plant, oil industry
November 9th, 2010 |
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Serbian Mining and Energy Minister Petar Å kundrić said on Monday that Serbia has an interest to preserve its oil refining industry. This since the industry produces the best and the cheapest oil derivatives for both domestic and regional needs, which leads Serbia’s oil sector through great transformation.
State budget deficit data out
November 8th, 2010 |
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Serbia’s budget deficit in the period from January-October 2010 equaled RSD 98.5mn, or some EUR 920mn, it has been announced. The Serbian Finance Ministry said in Belgrade on Monday that Serbia’s budget revenues in the first ten months of 2010 amounted to RSD 524bn, whereas expenditures totaled RSD 622.5bn.
“Serbia brings in record corn cropâ€
November 7th, 2010 |
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This year’s corn harvest in Serbia is nearing its end, while wheat harvest has been half completed so far, Agriculture Minister SaÅ¡a Dragin told Tanjug.
This year, Serbia will bring in a record corn crop of around seven million tons, while the autumn wheat crop will be more than enough to meet the local food demand, so that the remainder may be exported, Dragin said.
Economists: 2011 budget main stumbling-stone
November 7th, 2010 |
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The main stumbling-stone in negotiations with the International Monetary Fund (IMF) was next year’s budget.
Economists believe that the problem arose due to increased demands of the government for pre-election 2011.
“IMF arrangement review will succeed”
November 6th, 2010 |
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The sixth review of the stand-by arrangement between Serbia and the IMF will be successfully completed, member of PM’s economic council Jurij Bajec stated. Bajec told Tanjug that the current revision of the stand-by agreement can be successfully completed after all aspects of economic policy for 2010 and 2011 have been specified, in keeping with the agreement between the Serbian government and the IMF.
“No meat shortage in Serbiaâ€
November 6th, 2010 |
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There is no meat shortage in the Serbian market, says Agriculture Minister Saša Dragin.
He pointed out that such claims probably came from the same “media kitchen†which from time to time released stories about shortages of other products.
IMF mission leaves without agreement
November 5th, 2010 |
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A mission of the IMF, which arrived here two weeks ago, is leaving today without reaching an agreement on a new review of the stand-by with the government. The IMF said that an official statement will be issued later, explaining why there was no success in the talks on the sixth review of the loan, worth a total of EUR 2.9bn.
WTO bid makes EU ambition “complex”
November 4th, 2010 |
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Serbia is in a “complex situation”, wanting to join both the EU and the World Trade Organization (WTO), a gathering in Belgrade heard today. The two organizations use different measures of market protection, participants in a conference at the Serbian Chamber of Commerce said on Thursday.
Dairy denies monopoly accusations
November 4th, 2010 |
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Imlek dairy has announced that it is not a dominant producer in the market and therefore never had an opportunity to abuse its position.
Imlek points out that shortages of milk in Serbia is a consequence of significantly reduced number of dairy cows.
NBS sells euros, currency weakens
November 4th, 2010 |
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Serbia’s central bank (NBS) sold EUR 50mn on the inter-bank foreign exchange market on Wednesday. Like on previous occasions, the move came “in order to ease excessive daily volatility of the exchange rate”, said the cabinet of the NBS governor.
Regional economic cooperation for EU
November 3rd, 2010 |
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Economic cooperation in the region increases the competitiveness of the Balkan countries for foreign investments, a conference in Belgrade heard. It improves their economic development and employment rate and lowers prices of the products for the ultimate consumers, said participants in the 3rd Annual Regional Economic Cooperation Conference organized by the Economist Media Group in Belgrade on Wednesday.
Central bank committed to inflation target
November 2nd, 2010 |
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Serbian central bank (NBS) chief Dejan Å oÅ¡kić says this institution will not give up the set inflation target of 4.5 pct – plus/minus 1.5 pct – for 2011. Addressing the Economic Summit in Belgrade on Tuesday, Å oÅ¡kić pointed out that in the next year, the inflation rate will be influenced by the unfreezing of salaries and pensions which will put stronger pressure on the demand, and that the issue of price fluctuation under state control will remain open.
EUR 800mn invested in Serbia in 8 months
November 2nd, 2010 |
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Deputy PM Božidar Äelić stated on Monday that Serbia attracted direct foreign investments at the total value of EUR 800mn in the first eight months of 2010. This came although no big privatization transactions were made, said he.
Future of energy sector in new investments
November 2nd, 2010 |
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The future of Serbia’s energy supply sector is in new investments, opening of new energy supply capacities, new jobs, a gathering in Belgrade heard. The future is also in “more social security for miners and implementation of modern technologies in the area”, Minister of Mining and Energy Petar Å kundric stated on Monday.
Ministry: Talks with IMF extended
November 2nd, 2010 |
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The talks between representatives of Serbia and the IMF as part of the sixth review of the stand-by arrangement will be extended for another several days. This comes instead of the original plan to complete them today, Tanjug learned at the Finance Ministry on Monday.
Economic summit begins in Belgrade
November 1st, 2010 |
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The 10th annual Economic Summit of the Republic of Serbia, which is being attended by over 30 presenters and 150 guests, opened in Belgrade on Monday.
The two-day conference is being held under the auspices of the Serbian Chamber of Commerce and the Foreign Investors Council.
Serbia readies micro-loan program
October 31st, 2010 |
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Deputy Prime Minister Božidar Äelić stated Saturday that the Serbian government and the National Bank of Serbia (NBS) will prepare a microcredit model.
This would see loans ranging from two to three thousand euros granted to the most impoverished citizens without asking for guarantees.
Industrial production up by 2.6 pct.
October 30th, 2010 |
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Serbia’s industrial output was up by 2.6 percent in September 2010 compared to 2009 and by 12.1 percent compared to the 2009 average.
A growth of 4.4 percent was recorded in the first nine months of this year compared to the same period last year, the state Statistical Office announced on Friday.
Zvornik plant to be reconstructed
October 30th, 2010 |
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Serbia’s public electric company EPS and German Development Bank KfW have signed agreement on reconstruction of Zvornik hydroelectric power plant.
EPS General Director Dragomir Marković and German Development Bank KfW’s Vice President for Europe and Caucasus Roland Siller signed Friday a contract for the rehabilitation of Zvornik hydroelectric power plant worth EUR 70mn.