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    We have not learned the lesson of easy spending: Savic welcomes arrangement with the IMF

    Professor of the Faculty of Economics in Belgrade, Ljubodrag Savic, has said that Serbia’s new financial arrangement with the International Monetary Fund (IMF) is welcome, because the condition of the state budget is not as good as it is presented to be.

    „Despite the fact that I have objections to the functioning of international financial organizations, including the IMF, now that Serbia, as well as the entire world, is in a crisis, whose end is nowhere in sight and when the inflation is awakening again, the Fund’s advisory assistance is not sufficient, and financial assistance is also necessary, in order to better overcome the problems,“ Savic told the Beta agency.

    Savic said that the government in Serbia spent money carelessly on just about everything for the past two or three years, led by some good indicators in the economy, while it was questionable whether they were actually good. “We spent beyond measure on anything. Serbia has not learned the lesson of spending money easily,” Savic said.

    He added that indicators on the state of the economy in Serbia were still good compared to other countries, but that one should not only observe the share of public debt in gross domestic product (GDP) and claim that it was below the Maastricht criterion of 60 percent.

    He pointed out that the conclusion of the arrangement with the IMF confirmed that the state of public finances was not as good as Finance Minister Sinisa Mali claimed. “If the budget was full, we would not have been reaching for a loan from the Arabs and the IMF. Mali is confuting himself,“ Savic said.

    Izvor: Beta

    Foto: Pixabay

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