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Deputy PM talks possible financial arrangements

Autor: half
ZAGREB, Nov 7 (Hina) - Deputy Prime Minister and Regional Development and EU Funds Minister Branko Grcic said on Thursday there was still no talk or decision at this moment on a possible arrangement with the International Monetary Fund but that 2014 would certainly be tough in terms of debt and loan payment.

The option of the European Commission's involvement is absolutely possible and if there is any arrangement, which is premature to talk about, it will be in cooperation between the Commission and Croatia, and possibly other institutions such as the IMF, Grcic said when asked by the press how close or far Croatia was as to a possible IMF deal.

Asked about employers' opinion that Croatia might do better with the IMF because the interest rate would be lower and there would be "room to breathe," Grcic said this was correct and that this option would be considered during discussions on the full financial picture for 2014.

As for Finance Minister Slavko Linic's expectations, according to some media, that the European Commission would probably ask Croatia to revise its budget, Grcic said Croatia would communicate with the Commission to come up with measures as those proposed by Croatia, or "slightly revised" and "expected to enable the beginning of fiscal consolidation under the excessive deficit procedure next year. How long that will last, two or three years, we will see in the weeks ahead."

Asked about the possibility of a financial arrangement with the IMF, the Commission, and the European Central Bank, such as Hungary has, Grcic said Croatia's EU membership made the option of the Commission's involvement absolutely possible.

Asked about the draft budget to be presented in about ten days and if it would then be known whether there would be any other arrangements and what kind, Grcic said the budget would then be known. "We will be talking about arrangements for weeks and months until the final consolidation plan is defined within the excessive deficit procedure."

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