PM Plenkovic: Upgraded credit rating encouraging for the Croatian economy and the continuation of reforms

Prime Minister Andrej Plenkovic said on Friday that Fitch's decision to upgrade Croatia's credit rating for the first time since 2004 was good news which encouraged the government to continue the reform process.

The Fitch agency reported on Friday that Croatia's credit rating had been upgraded from 'BB' to BB+', with outlooks being stable on the back of the excellent tourism season and improved public finances, and this has been the first upgrade in the country's credit rating since 2004.

"This is good news. Now we are at that step after which the investment rating follows -- part of our programme, part of the government's objectives on the economic front, on the front of fiscal consolidation," Plenkovic said in Split on Friday evening after Croatia-Serbia game at the European Championship.

The PM also mentioned good results of the tourist season, a very wise and responsible policy of the public finances, positive indicators, the effects of the tax reform which led to higher salaries and better consumption, especially in December.

FinMin: We are on the path to investment rating

Finance Minister Zdravko Maric agreed the upgraded rating was good news, underscoring that the government is on the right path, which is returning to the investment rating.

"Efforts and results of our economic policy have been recognised. Also mentioned was the good tourist season and, something that is particularly important to me, the successful tax reform and the situation with public finances," Maric told the press.

He stressed the government would continue its work in an effort to return the investment rating.

"We want the rating to go one step further, to return where it actually belongs. Over the past several months I've been talking about the situation on the financial markets. The financial markets are the ones that are calculating all these results in the Croatia's debt and I believe that savings we made on interest rates this year were in fact the result of that," Maric said.

Text: Hina

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