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Public Finance
In accordance with the Constitution, Serbian economy is represented as a market economy, with an open and free market and free entrepreneurship. It is characterised by independence of economic operators and equality of private and other types of assets.
The assets may be private, cooperative and public. Public assets are divided into state assets, assets of the autonomous province and assets pertaining to local self-government units. State property, presenting a form of public property, encompasses natural resources, goods which are stipulated by the Law as goods of public interest, as well as assets used by state authorities of the Republic of Serbia.
Public finance presents financial activities of the state and other public legal entities being entrusted the role of collecting and spending financial resources in order to attain goals beneficial to everyone.
The state performs its financial function through the public finance system with the aim of satisfying certain public needs and provision of funds to finance mentioned needs. The public finance system can also be divided into the system of public revenues and public expenditures. Public revenues are divided into tax and non-tax revenues, presenting funds collected owing to the system of taxes (property taxes, personal income taxes, consumption taxes, corporate income taxes), customs duties, excise duties, taxes, benefits and other resources. Public needs are financed by the means of expenditures. Those needs may be administrative, security, social, economic, cultural and other extraordinary needs.
The system of proceeds and outflows should be separated from the system of revenues and expenditures. Proceeds are composed of public debt proceeds (through state securities and loans) and sale of assets, whereas outflows are composed of outlays, deriving from the execution of public debt service and acquisition of assets. All public revenues and expenditures, i.e. proceeds and outflows are presented in the budget, being the basic public finance institution.
The budget presents an annual plan of revenues and expenditures, which is developed and adopted in accordance with the legal procedure, usually at the end of the year for the following year. It is drawn up by the Ministry of Finance (Budget Department), adopted by the Government and submitted by the National Assembly for public discussion. After the public discussion, it should be approved by the majority of deputies. The budget is adopted in the same way as a Law.  
The collection of revenues and financing of expenditures according to the budget plan is called budget execution being within the competence of the Treasury Administration of the Republic of Serbia. If the planned framework is not realized, i.e. there was a budget breakthrough, the budget has to be revised, i.e. the Law on Budget has to be amended. In case there is the deficiency of revenues over expenditures at the end of the year, we deal with a budget deficit, whereas in the opposite situation, we deal with a budget surplus. The deficit may be financed by the sale of state assets, or borrowing on the domestic or foreign market, which is within the competence of the Public Debt Administration.
The most acceptable situation for the budget is to be balanced, i.e. to collect during the year the amount of funds needed for financing yearly public revenues, implying there is no deficit, whose occasional coverage may cost state a lot, and there is no surplus, implying that more funds than necessary have been taken from the economy and citizens.  
Presentation for Investors
Investor relations
Public Debt Management Strategy
Monthly Report PDA
Monthly Update for Investors
Yield rates of the Government securities
Issued Eurobonds Overview
Credit rating of the Republic of Serbia

Ministry of Finance of the Republic of Serbia - Public Debt Administration
Pop Lukina 7-9, Belgrade
Tel : + 381 11 3202 461 ; Fax: +381 11 2629 055
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