News

World Bank: Economic reforms encouraging

Friday, 24. Okt 2014.

The economic reforms that the Serbian government is introducing are "encouraging and the only way to establish a balance in Serbia's economy."

This is what Ellen Goldstein, the World Bank country director for south-eastern Europe, said on Friday.

Even before the floods, the level of the fiscal deficit was worrying and unsustainable, and the situation worsened by one percent in the wake of the floods, she said.

Things are even more difficult now and there is no time to wait - the reforms must be implemented, and some of them were several decades overdue, Goldstein told reporters at the Kolubara mining basin.

Many believe that painful measures are ahead for Serbia, but that is the only way to establish a balance in the system and the economy, which is now based on the public sector, she said.

The private sector must be developed additionally to provide jobs to young people, Goldstein noted.

She said that she expects Serbia to sign an agreement with the IMF soon and added that the World Bank will back the move through various reform activities and a reform of state-owned enterprises and public utility companies.


Source: B92

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