Serbia gets 6 recommendations from EU for stimulation of growth
Representatives of the EU member-states, Western Balkans and Turkey, European Commission and European Central Bank, as well as representatives of the central banks of the Western Balkans and Turkey, met at the annual meeting on economic policy.
Serbia was represented by Minister of Finance Dusan Vujovic and Governor of the National Bank of Serbia Jorgovanka Tabakovic.
The press release says that Serbia's economic growth and strong fiscal consolidation in 2016 were very well rated. Furthermore, financial stability was maintained, along with a reduction of non-performing loans.
Nevertheless, structural obstacles to economic growth and competitiveness remain a challenge, including excessive influence of the state on the economy, the press release says.
Six recommendations to Serbia were agreed. They are directed primarily to the need to continue reducing the budget deficit in 2017 and in the medium term, and the need for reforms of state companies, including the announced restructuring of Srbijagas and carrying our the plan for the optimization of EPS, along with a stronger reform of the tax administration, was highlighted as well.
The third recommendation pertains to carrying out the remaining measures of the strategy for resolving non-performing loans, continuation of efforts towards promoting increased usage of the local currency, the need to complete the reform and the privatization of two big state banks and the need for a solution for other, smaller state banks.
Serbia also needs to increase the energy sector efficiency, primarily through gradual adjustment of electricity tariffs so that they would reflect actual costs and through a more efficient bill collection. The fifth recommendation pertains to enhancing the business environment by improving the regulation of parafiscal charges and inspection and securing an easier access to funds.
Reduction of salary taxes and contributions, focusing of active measures of the labor market on socially vulnerable groups and implementing dual education were also recognized as necessary measures for the stimulation of the development of the private sector, as stated in the sixth recommendation.
Most Important News
11.03.2024. | Healthcare
Are Marketing Experts Reading Our Minds? – eKapija Investigates: What Neuromarketing Is and How Much It Is Used in Serbia
11.03.2024. | Construction, Transport
Tender for Continuation of Construction of Patrijarha Pavla Blvd Stopped – Contractors Demanding Price Higher Than Estimated
11.03.2024. | Construction, Transport
11.03.2024. | Construction, IT, Telecommunications
Auction for 5G Network by End-Year, Minister Announces
11.03.2024. | Construction, IT, Telecommunications
28.03.2024. | Construction
Beginning of Construction of First “Green Dam” in Serbia Which Will Supply 500,000 People with Drinking Water
28.03.2024. | Construction
17.01.2024. | Industry, Healthcare
Ceremony of Opening of Centers of Excellence in Kragujevac Planned for Spring – Official Beginning of Operations in June
17.01.2024. | Industry, Healthcare
27.03.2024. | Industry, Transport, Finance
City to Waive Over 30 Zemun and Palilula Bus Lines to Private Transporters – Draft Public-Private Partnership for 10-Year Period Ready, Job Worth Half a Billion Euros
27.03.2024. | Industry, Transport, Finance