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Credit agencies see PM Milanovic as committed to fiscal consolidation
Croatian Times
Some credit rating agencies have welcomed the new government’s decision to increase VAT from 23 to 25 per cent as a sign of a bigger commitment to fiscal consolidation.
French agency Fitch praised the new Prime Minister Zoran Milanovic's decision, while other agencies await to see the guidelines for this and next year expected to be released on Thursday and which will indicate future directions.
Royal Bank of Scotland analyst Timothy Ash told Reuters that Croatia could benefit from a "precautionary" deal with IMF.
"Investors are likely to be ready to buy Croatia's debt this year as long as they see some form of more comprehensive reform program from the government - perhaps helped by an IMF program," Ash told Reuters.
Like other European states, Croatia also faces big pressure to cut down on public spending – the former government managed only to slow down the growth of budgetary expenditure to 120 billion kunas (15.8 billion Euros) in 2009, 121 billion (15.97 billion Euros) in 2010 and 122 (16.1 billion Euros) in 2011.
The tax revenues, however, dropped in those years from 110 (14.5 billion) to 107 billion kunas (14.1 billion Euros), so the state went after loans to make up for the difference.
Unnamed sources in the current government say that PM Milanovic’s budget will be the first to bring a turnouround in the policy of increasing expenditures. They expect
the budget to be capped at 118 billion kunas (15.58 billion Euros), daily Vecernji List writes.
Tag cloud government fiscal expenditure committed European pressure growth billion Vecernji Euros budgetary Milanovic kunas Croatia Reuters consolidation agencies perhaps states reform
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