Serbia’s parliament adopts 2013 budgetDecember 1, 2012 - 14:04 AMT PanARMENIAN.Net - Lawmakers in Serbia adopted a 2013 budget on Saturday, Dec 1, pledging to slash the deficit to 3.3 percent of national output and return the economy to growth of 2 percent as the government seeks new IMF funding, Reuters reported. The 2013 consolidated budget sets revenues at 956.4 billion dinars ($11.12 billion) and spending at 1,078 billion dinars. The Balkan country is running a budget shortfall this year of around 6.2 percent of gross domestic product (GDP) as seen in the revised budget, while public debt has ballooned to 60 percent. GDP is forecast to contract 2 percent in 2012. The government, a coalition of nationalists and socialists, is trying to secure a three-year precautionary loan from the International Monetary Fund (IMF), which froze a 1 billion euro ($1.30 billion) standby deal in January due to over-spending. Like much of the western Balkans, Serbia has slid back into recession this year on declining trade and investment from the crisis-hit eurozone and a harvest devastated by drought. The country expects public debt to peak in 2013 at 65.2 percent of GDP. The IMF says Serbia's forecasts are over-optimistic, and the World Bank is predicting more modest growth next year. Unemployment has reached 25.5 percent, and year-on-year inflation in October stood at 12.9 percent. The government has outlined cuts in public sector spending, subsidies and sovereign guarantees for Serbia's major state-run companies. The country will also resort to borrowing next year, when it plans a $2 billion Eurobond and a 500 million euro loan from the Luxembourg-based European Investment Bank for investment in small and medium-sized enterprises. It has also sought sovereign loans from Russia and China. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | International cybercrime ringleaders arrested in Armenia, Ukraine Europol, Europe's crime agency, has arrested four ringleaders of several cybercrime networks that used botnets. Armenia skips CSTO Defense Ministers meeting A meeting of the Council of Defense Ministers of the Collective Security Treaty Organization countries began in Almaty. Armenian, Iranian foreigh policy chief talk over the phone The Foreign Minister of Armenia once again expressed condolences to his counterpart on the death of the President of Iran. Armenia, U.S. customs authorities to boost assistance with new deal The government has approved an agreement with the U.S. government on mutual assistance between the customs authorities. |