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Serbian power utility EPS to cut more than 5,000 jobs by 2019 - CFO

Author Radomir Ralev
Serbian power utility EPS to cut more than 5,000 jobs by 2019 - CFO Author: EPS. License: All rights reserved.

BELGRADE (Serbia), June 16 (SeeNews) - Serbia's state-owned power utility Elektroprivreda Srbije's (EPS) plans to cut more than 5,000 jobs by 2019, outperforming on cost-cutting requirements of the International Monetary Fund (IMF), chief financial officer Tatjana Pavlovic has said.

The company works on a programme for incentives for dismissed workers and expects their number to exceed by 2019 the 5,000-mark agreed under the fiscal consolidation plan of the government, Pavlovic said in a video file posted on the website of public broadcaster Radio Televizija Srbije (RTS) on Thursday.

"The World Bank and the International Monetary Fund (IMF) are inspecting us, we are obliged under this programme to file quarterly reports with the IMF and the World Bank, which we do regularly," Pavlovic said.

Finance minister Dusan Vujovic said on Thursday the most important task for the government from now on is to restructure the state-owned companies, mainly in the energy sector. Serbia cannot prosper without solving the efficiency problems of state-owned energy companies such as EPS and natural gas distributor Srbijagas, Vujovic noted.

Vujovic said on Tuesday he expects the International Monetary Fund (IMF) to revise its projection for the country's budget deficit in 2017 to 1.3% from 1.7%, as revenue is growing faster than planned.