4 FINANCIAL government; they mostly refer to the 4.1 repayment of loans extended by these Total receipts of the state amounted to RSD 529.2 organizations; billion in 2016. They are dominantly related to the Receipts of PE of Serbia“ or “Roads „Corridors domestic borrowing, i.e. taking loans from domestic of Serbia“ ltd. amounted to RSD 36.4 billion, commercial banks and emission of state securities in and they include loans from the foreign the domestic financial market. governments and international financial Total receipts decreased by around RSD 115 billion organizations. compared to 2015, mostly because the Republic issued less securities in the domestic financial market. 4.2 Receipts by levels of general government in 2016: Expenses of the state totalled RSD 517.8 billion as of Majority of the receipts of general government end-2016. They relate almost entirely to the payment is related to the budget of the Republic. The of the principal of the public debt. They are by around receipts of the budget of the Republic, than in 2015, mainly due to RSD 900 million lower including capital expenditures financed from lower expenses for the acquisition of financial assets. project loans, amounted to RSD 478 billion. For Expenses by levels of general government in 2016: the most part they refer to the emission of Out of the Republic’s budget RSD 499.4 billion state securities in the domestic financial relates to the payment of the principal of the market, and to a less extent to the loans taken public debt; from foreign governments and international At the local level of government, as well as in organizations; the case PE of Serbia“ and of “Roads „Corridors Receipts of the budget of AP Vojvodina totalled Serbia“ ltd., expenses refer exclusively to the RSD 2.3 billion, and they mostly include loans payment of the principal of loans; taken from domestic commercial banks; As opposed to other levels of government, Receipts of cities and municipalities totalled receipts of the social security funds almost RSD 11.5 billion, and they mostly relate to entirely relate to the acquisition of financial domestic borrowing; asset Receipts of social security funds are negligible compared to the total receipts of the general
4 4.1 Total receipts of the state amounted to RSD 529.2 billion in 2016. They are dominantly related to the domestic borrowing, i.e. taking loans from domestic commercial banks and emission of state securities in the domestic financial market. Total receipts decreased by around RSD 115 billion compared to 2015, mostly because the Republic issued less securities in the domestic financial market. Receipts by levels of general government in 2016: Majority of the receipts of general government is related to the budget of the Republic. The receipts of the budget of the Republic, including capital expenditures financed from project loans, amounted to RSD 478 billion. For the most part they refer to the emission of state securities in the domestic financial market, and to a less extent to the loans taken from foreign governments and international organizations; Receipts of the budget of AP Vojvodina totalled RSD 2.3 billion, and they mostly include loans taken from domestic commercial banks; Receipts of cities and municipalities totalled RSD 11.5 billion, and they mostly relate to domestic borrowing; Receipts of social security funds are negligible compared to the total receipts of the general government; they mostly refer to the repayment of loans extended by these organizations; Receipts of PE “Roads of Serbia“ or „Corridors of Serbia“ ltd. amounted to RSD 36.4 billion, and they include loans from the foreign governments and international financial organizations. 4.2 Expenses of the state totalled RSD 517.8 billion as of end-2016. They relate almost entirely to the payment of the principal of the public debt. They are by around RSD 900 million lower than in 2015, mainly due to lower expenses for the acquisition of financial assets. Expenses by levels of general government in 2016: Out of the Republic’s budget RSD 499.4 billion relates to the payment of the principal of the public debt; At the local level of government, as well as in the case PE “Roads of Serbia“ and „Corridors of Serbia“ ltd., expenses refer exclusively to the payment of the principal of loans; As opposed to other levels of government, receipts of the social security funds almost entirely relate to the acquisition of financial asset FINANCIAL
Serbia%20Budget%20Execution%202016.docx