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Sanader says budgetary deficit in 2007 projected at 2.8 pct of GDP

ZAGREB, Nov 8 (Hina) - The Croatian government has set as its goals the maintaining of macroeconomic stability and a low inflation rate and the reduction of budgetary deficit to 2.8 percent of GDP in 2007, Prime Minister Ivo Sanader said after talks with the head of an IMF mission, Robert Feldman, in Zagreb on Wednesday.
ZAGREB, Nov 8 (Hina) - The Croatian government has set as its goals the maintaining of macroeconomic stability and a low inflation rate and the reduction of budgetary deficit to 2.8 percent of GDP in 2007, Prime Minister Ivo Sanader said after talks with the head of an IMF mission, Robert Feldman, in Zagreb on Wednesday.

Our goal is to reach a budgetary deficit of 1.5 percent of GDP in 2009, Sanader added.

In the meantime, parliamentary elections will be held, the PM said, expressing optimism that the incumbent government would be able to continue its work.

Voicing satisfaction with the talks with the IMF mission, Sanader said that the talks focused on the completion of Croatia's stand-by arrangement with the IMF and that Croatia would start a new model of cooperation with the IMF on the basis of Article IV of the IMF Statute.

The IMF mission, which has been visiting Croatia since October 26, will present its findings at a news conference this afternoon.

Both Sanader and Feldman said that Croatia had made great progress in the implementation of the stand-by arrangement, which expires in mid November.

"This government has considered cooperation with the IMF very useful from the very beginning, and at the start of our term we sought cooperation to deal with the major problems which we inherited," Sanader said.

He recalled the budgetary deficit of 6.3 percent from 2003 and added that this year's deficit would account for 3 percent of GDP.

That is certainly a success of this government, he added.

"Another goal was the curbing of foreign debt. The government has done its part of the job, it has managed to cut its share in foreign debt," Sanader said, adding that banks and companies had not reduced their share in foreign debt and that efforts in that area would have to continue.

The remaining challenges are the restructuring of the shipbuilding industry and the drawing up of a new privatisation law, the PM said.

IMF mission head Feldman said that one of the topics discussed at the talks was the public offer to sell the shares of the national oil company INA, which he said would be announced very soon.

Croatia has been successful in many aspects of the implementation of the stand-by arrangement, Feldman said, adding that he was glad that the government had recognised the remaining challenges.

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