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05.02.2012. / ree-Akademediasrbija

Suzana Lakić


The Government of Mirko Cvetkovic shall go into history as the one that burdened the citizens of Serbia with the largest debt ever. In three years and a half we borrowed EUR 5.7 billions and that is more than during the mandate of all Prime Ministers together over the last two decades. The governments of Djindjic, Zivkovic and Kostunica managed to cut the public debt. This Government spent most money on pays and pensions

It is clear that rising of the debt is a consequence of spending and budget minus. About 600 billion Dinars was spent for salaries in public sector. About 900 billions were spent for pensions and 180 billions for subsidies. Nine billions were eaten by interest rates. A considerable amount of money was spent on public enterprises such as ‘Serbia Railways’, ‘Serbia Roads’, and ‘JAT Airways’. For construction of Corridor 10 Serbia took a credit of 50 billion Dinars, for reconstruction of ‘Gazela Bridge’ and ‘Beska Bridge’ we took a credit of about 30 billion Dinars. In the similar way we financed the ‘Ada Bridge’ worth EUR 120 millions.

The total debt of the actual power at the beginning of its mandate in 2008 was EUR 8.7 billions. Today it is more than EUR 14.5 billions. Last year only the Mirko Cvetkovic’s Government took about two billions.

Calculation by economist Miroslav Zdravkovic shows that Cvetkovic increased our debt by EUR 55 every second or by EUR 4.7 millions each day.

Economist Mladjen Kovacevic who has been dealing with this issue for more than thirty years says that ‘it was difficult for Serbia to make any debt in the 90s’.

‘Due to sanctions it was impossible to take a credit from banks of the countries in the West’, he says.

During sanctions the public debt was frozen. Serbia entered the year of 1992 with a debt of about EUR 10 billions. With four billions more we continued into the year of 2000. The Paris Club wrote-off 66 percent of our debt and the London Club 61.9 percent.

At the Prime Minister Cvetkovic’s cabinet we were told that ‘the public debt is strictly controlled’.

‘There are warnings that it may happen that the public debt exceeds 45 percent of GDP. We have at our disposal cash we borrowed to finance our debt.

The level of 45 percent might be exceeded in the middle of this year and not before that’, we were told at the Government.

The public debt reflects long-term sustainability and stability of economy. It is important to investors that a country they are investing in is economically sustainable on a medium and long-term basis.

Investors’ priority is perspective of economic branch they intend to invest in.

On the second place there is economic and political risk of a country and that is reflected in public debt, inflation and foreign trade deficit. All of these are elements that Serbia cannot boast about.

/Source : Blic /

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