Croatian parliament approves new centre right cabinet| MENAFN.COM

Sunday, 07 August 2022 10:10 GMT

Croatian parliament approves new centre right cabinet


(MENAFN- Saudi Press Agency) ZAGREB Rabi'II 13 1437 January 23 2016 SPA -- The Croatian parliament on Friday approved a new government formed by the centre-right alliance and led by the technocrat Prime Minister Tihomir Oreskovic according to Reuters.

The key task of the new cabinet in the newest European Union member will be to stem rising public debt reduce high unemployment and spur meagre growth that emerged in 2015 after six years in a row of recession.

The government got the support of 83 of 151 parliamentary deputies.

Addressing the parliament before the vote Oreskovic said his government's goal would be to reduce the budget gap to within the EU's 3 percent of gross domestic product ceiling from around 5 percent and hoped to secure an investment-grade credit rating.

"Our goal is to reach growth of above 4 percent by 2020 and to reduce public debt to below 80 percent of gross domestic product. We want to reduce the budget gap to below 3 percent of GDP in 2017 and to lift our credit rating next year" he said.

"All I ask is time and results."

Croatia's economy is among the EU's weakest although growth of around 1.5 percent is projected for 2015 after six years of recession. Public debt is equivalent to 87 percent of GDP and still rising while the unemployment rate stands at 17.9 percent.

The country is rated at BB+ or equivalent just below investment grade by the three major credit rating agencies albeit with a negative outlook.
--SPA
01:42 LOCAL TIME 22:42 GMT


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