Vucic: Serbia's liquidity at all-time high

POJATE - Serbian President Aleksandar Vucic said at the weekend there was 4.35 bln euros in the state coffers and that Serbia's liquidity was at an all-time high, and announced that the country would undertake as many infrastructure projects as possible to ensure economic growth.

Speaking to reporters at the opening of the Morava Corridor on Saturday, Vucic said Serbia's tax revenues at the end of April totalled 18 bln euros, exceeding the expected amount by 1.7 bln.

"Revenues are good and the deficit is much lower than we had expected. We have 4.35 bln euros in the state coffers and countries of our size do not have such liquidity often, and we have never had it like this before," Vucic said.

Entire Europe and the world have a problem and the IMF has reduced its global growth forecast from 2.9 pct to 2.8 pct, Vucic said, noting that the forecast would be downgraded further.

"The eurozone has declined from 0.9 pct to 0.8 pct. When there is no growth, there are no wage and pension increases, which will be felt here, too. That is why we are making infrastructure projects to ensure growth," Vucic said.

He said Serbia's Q1 growth rate of 0.7 pct was "not bad" and was better than the expected -0.2-0 pct.

"We hope we can reach 2.5 pct and the eurozone is approaching 0.8 pct, which means that we are catching up at an accelerated rate, and that is why we must keep building, at least in the state-controlled sector, to ensure growth," Vucic said.