Serbian Finance Minister Urges Local Governments Towards Greater Fiscal Responsibility
Minister Siniša Mali emphasizes local budgeting responsibility and strategic EU fund utilization.
At a significant assembly in the Serbian Ministry of Finance, Finance Minister and Deputy Prime Minister Siniša Mali addressed approximately 70 local municipality leaders, urging increased fiscal responsibility and strategic planning in the use of municipal budgets.
The meeting, titled 'The Importance of EU Financial Assistance and Proper Spending,' underscored the pivotal role fiscal management plays at both local and national levels.
Minister Mali highlighted the need for a shift in mindset among local administrations, advocating for reliance on local resources rather than the central government budget.
He emphasized that local budgets are the responsibility of municipalities and stressed the necessity of accurately planning revenue and expenditures.
Furthermore, he pointed out the ongoing support from the central government on projects such as sewage system development and water purification plant construction, while also urging municipalities to reduce dependency on such support.
The Minister announced that by the end of January, the Ministry of Finance will conduct analyses of each municipality's budget to ensure alignment with the Ministry’s guidelines.
Highlighting the importance of budget stability for overall economic stability, Mali stressed the need to explore alternative financing methods, such as municipal bonds.
He encouraged local governments to adapt to evolving financial landscapes and seek EU grants, aligning with Serbia's broader European integration goals.
Concerning EU fund management, Mali reiterated the need for lawful and transparent handling of these funds, emphasizing zero tolerance for corruption.
Serbia, seeking full EU membership by 2026, aims to fully harmonize its laws with EU regulations.
Since 2001, Serbia has received over four billion euros in EU grants mainly for local projects.
Minister Mali also reflected on Serbia’s strong economic growth, positioning it as the second fastest-growing economy in Europe.
The country's reduced public debt ratio of around 44-45% of GDP, compared to the eurozone’s average of 89%, and its investment-grade credit rating underscore its fiscal achievements despite global challenges.
During the meeting, local representatives were invited to discuss common irregularities in decentralized EU fund management and share suggestions for enhancing financial collaboration with the EU.
The meeting, titled 'The Importance of EU Financial Assistance and Proper Spending,' underscored the pivotal role fiscal management plays at both local and national levels.
Minister Mali highlighted the need for a shift in mindset among local administrations, advocating for reliance on local resources rather than the central government budget.
He emphasized that local budgets are the responsibility of municipalities and stressed the necessity of accurately planning revenue and expenditures.
Furthermore, he pointed out the ongoing support from the central government on projects such as sewage system development and water purification plant construction, while also urging municipalities to reduce dependency on such support.
The Minister announced that by the end of January, the Ministry of Finance will conduct analyses of each municipality's budget to ensure alignment with the Ministry’s guidelines.
Highlighting the importance of budget stability for overall economic stability, Mali stressed the need to explore alternative financing methods, such as municipal bonds.
He encouraged local governments to adapt to evolving financial landscapes and seek EU grants, aligning with Serbia's broader European integration goals.
Concerning EU fund management, Mali reiterated the need for lawful and transparent handling of these funds, emphasizing zero tolerance for corruption.
Serbia, seeking full EU membership by 2026, aims to fully harmonize its laws with EU regulations.
Since 2001, Serbia has received over four billion euros in EU grants mainly for local projects.
Minister Mali also reflected on Serbia’s strong economic growth, positioning it as the second fastest-growing economy in Europe.
The country's reduced public debt ratio of around 44-45% of GDP, compared to the eurozone’s average of 89%, and its investment-grade credit rating underscore its fiscal achievements despite global challenges.
During the meeting, local representatives were invited to discuss common irregularities in decentralized EU fund management and share suggestions for enhancing financial collaboration with the EU.
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