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Serbian Finance Minister: Public debt at 50 percent of GDP and declining

Christian Fernsby ▼ | May 2, 2019
The IMF and the World Bank have said Serbia has achieved an incredible result by reducing its public debt from over 70 pct of GDP to the present 50 pct with a tendency of further decline, says Serbian Finance Minister Sinisa Mali.
Serbian Finance Minister Sinisa Mali
Europe   Serbian Finance Minister Sinisa Mali
In a statement to Tanjug, Mali recalled that, under the Maastricht criteria, the public debt should not exceed 60 pct.

In 2014, Serbia had a debt-to-GDP ratio of over 70 pct while it was 50.8 pct at the end of March this year, he said.

"We accomplished that during the time of financial consolidation. Recently I had an opportunity to speak about this at the London Stock Exchange, where 300 of the largest investors in central and eastern Europe heard the results of our reform," Mali said.

"They were impressed by how we managed to achieve growth in spite of the consolidation and a reduction of salaries and pensions," Mali said.