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The Government of the Republic of Serbia

In the service of citizens

Serbian parliament adopts set of laws

Belgrade, 19 April 2004

The Serbian parliament adopted a law on paying off Serbia's debt to its citizens who lent their money for Serbia's economic recovery in 1989. The law envisages that the country's total debt worth €56 million be paid off in four years' time. The parliament adopted changes to the Law on guarantee fund, and the Law on preventing conflict of interest.

According to the Law on paying off Serbia's debt to its citizens who lent their money for Serbia's economic recovery in 1989, the debt will be paid off in four years' time. The payments will be disbursed each August 31, starting with this year. This year, single payment will be up to €530, in 2005 up to €1,060, and in 2006 and 2007 up to €5,000.

The changes to the Law on Guarantee Fund stipulate that the state budget will provide guarantees for agricultural loans, worth up to 80 percent of a loan's total value. The state will provide higher guarantees for loans for underdeveloped regions, while the guarantees for loans for small and medium-sized enterprises will cover up to 50 percent of a loan's total value.

The 2004 budget has earmarked 1.5 billion dinars for the guarantee fund in order to secure more efficient loan insurance as well as to encourage use of loans.

The Serbian parliament adopted the Law on preventing conflict of interest in the performance of public functions, stipulating that all high-ranking state officials, from the municipal to the republic level, are obliged not to subordinate public interest to the personal one.

The implementation of the law will be regulated by a republic committee made up of nine members who will be elected within 30 days from the law's adoption. Their monthly salary will equal seven average monthly salaries in Serbia.

The most important provision of the law stipulates that the official is obliged to report his property, as well as the property of his household members, within 15 days from his appointment. The official is required to submit the report on his property once a year, as well as after he has withdrawn from the office.