Serbia approves early payment of half of the remaining debt to the London Club of creditors

Serbia's Ministry of Finance and Economy announced that the government has approved the proposal of the Ministry to make early payment of half of the remaining debt to the London Club of creditors at the end of April. Serbia's debt to the London Club is $860 million. Early...

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Serbia approves early payment of half of the remaining debt to the London Club of creditors



Balkans.com Business News Correspondent - 18.03.2013

Serbia's Ministry of Finance and Economy announced that the government has approved the proposal of the Ministry to make early payment of half of the remaining debt to the London Club of creditors at the end of April. Serbia's debt to the London Club is $860 million. Early repayment of $400 million will reduce the public debt to $435.8 million. 
The interest rate on the London Club debt is 6.75%, which is by about two percentage points up compared to the interest rate by the Ministry of Finance achieved by selling Eurobonds in February this year. 
This early repayment will save about RSD 1.1 billion in this year's budget. 
The share of total public debt to gross domestic product at the end of February was 57.7%. 
The Republic of Serbia in February paid €419 million for due loan repayment. 
The budget deficit of the consolidated accounts amounted to RSD 22.7 billion. 
In January, Serbia recorded a surplus of RSD 3.8 billion, while the February deficit was RSD 26.6 billion. 
Such fiscal developments in the first two months were largely in line with the plan and show that the consolidated deficit on an annual basis should be very close to what is stipulated in the budget for this year (RSD 132 billion, or 3.6% of GDP), which is twice less than in the previous year. Source; Government


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