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Serbian Outgoing Cabinet Says Public Finances Remain Stable

Serbia’s public finances are stable and the government has enough cash to finance the budget deficit in “the coming months,” the Finance Ministry said.

The government has 35 billion dinars ($358.5 million) and expects an additional inflow of about 10 billion dinars from a bond issue by the end of the month, the Belgrade-based ministry said in an e-mail today.

“Considering that budget revenue in July has exceeded the plan, this amount is entirely sufficient to finance the budget deficit in the coming months,” it said, adding that the full-year borrowing plan envisaged by the 2012 budget won’t need to be increased.

Parties that will form the new government of Prime Minister-Designate Ivica Dacic, to be sworn in later this week, have said that Serbia’s public finances have deteriorated to their worst in a decade and that the new Cabinet will have to take urgent steps to avoid bankruptcy.

Serbian state deposits fell 16.6 percent on the month in June to the lowest level since November 2010, according to central bank data released on July 20. Total foreign-currency and dinar reserves kept on deposit with the National Bank of Serbia dropped to 100 billion dinars in June from 119.6 billion dinars in May. The six-month budget gap widened to 111.2 billion dinars, almost three-quarters of the full-year target.

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