ŠOŠKIĆ: Investments should be made in infrastructure projects

Source: eKapija Friday, 14.05.2010. 12:49

(Dejan Šoškić)

- It is important for the economic growth in Serbia that the investments be made in the infrastructure projects, in the affirmation of the country's export ability. What is also necessary is the public sector rationalization and continuation of the process of European integrations - Dejan Šoškić, the President of the Council of the National Bank of Serbia, said last night (May 13, 2010) at the meeting of the Slovenian Business Club.

He said that he expected an open debate on salaries and pensions in Serbia in the ongoing talks between the representatives of the Government of Serbia and the delegation of the International Monetary Fund.

- One of the acute themes in our country is what demand will generate economic growth if we don't have the economy with sufficient export ability, so that the question is asked if that demand can be generated from the domestic sources, which is in collision with some other postulates of the country's macroeconomic stability - said Šoškić.

He estimated that the recession was behind us and pointed out that a growth of the economy was expected in 2010, while the period of quicker economic growth and the development of the country was expected to start in 2012. The economic growth in the first quarter of this year amounted to 1%.

Šoškić said that he can not currently see the reason for further strengthening of the foreign currency reserves of Serbia. He reminds that the foreign currency reserves in this period are increased thanks to the IMF's loan, which was granted under the terms that were more favorable than the market ones, and adds that the foreign currency reserves have reached their record level.

- Possible income rate from the foreign currency reserves is currently lower than what we have to pay to IMF - said Šoškić and added that it was in the interest of Serbia to stop getting into excessive debts.

He pointed out that the foreign currency reserves should be spent on elimination of instabilities in the foreign currency market and not on the struggle against "the trend of directing supply and demand".
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