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Serbia, Montenegro sign agreement on mutual financial rights and obligations
Belgrade,
10 July 2006
Serbian Minister of Finance Mladjan Dinkic, his Montenegrin counterpart Igor Luksic and central bank governors of Serbia and Montenegro Radovan Jelasic and Ljubisa Krgovic respectively today signed an agreement between Serbia and Montenegro regulating memberships in international financial institutions and outlining the two counties’ financial rights and obligations.
From left: Ljubisa Krgovic, Igor Luksic, Mladjan Dinkic and Radovan Jelasic
Author:
FoNet
The agreement was signed after the Serbian government adopted a Conclusion on July 6 accepting the agreement and authorised Minister Dinkic and Governor Jelasic to sign it on behalf of the Republic of Serbia.
Dinkic explained after the signing that Serbia will inherit membership in all international financial institutions, including the International Monetary Fund (IMF), the World Bank, the European Bank for Reconstruction and Development (EBRD) and the Council of Europe Development Bank, whereas Montenegro will have to apply for new membership.
According to Dinkic, Serbia has been left with an $8.8 billion debt, which also includes liabilities from Kosovo-Metohija.
Financial property of the former Socialist Federal Republic of Yugoslavia was also distributed, Montenegro will get 5.88% while Serbia will get a 94.12% share, Dinkic said.
He specified that Montenegro will get 37,914.77 gold ounces as well as the proportional share of stocks and foreign currency.
Dinkic confirmed that an agreement on pension payment is being made, under which Serbia will pay pensions to Montenegrin citizens proportionally according to the working time period they spent in Serbia and vice versa.
He noted that there are around 3,500 citizens of Montenegro who worked in Serbia and some 1,500 living in Serbia who spent a period of their lives working in Montenegro. He announced that pensions will be paid out via commercial banks.
Montenegrin Minister of Finance Igor Luksic said that the signing of this agreement has resolved one of the most difficult issues between Serbia and Montenegro and expressed expectation that agreements will be reached in other fields as well, including the distribution of physical property and embassies and regulating the payment of military pensions and old foreign currency savings.
The agreement signed today is be ratified in the parliaments of Serbia and Montenegro.
Dinkic explained after the signing that Serbia will inherit membership in all international financial institutions, including the International Monetary Fund (IMF), the World Bank, the European Bank for Reconstruction and Development (EBRD) and the Council of Europe Development Bank, whereas Montenegro will have to apply for new membership.
According to Dinkic, Serbia has been left with an $8.8 billion debt, which also includes liabilities from Kosovo-Metohija.
Financial property of the former Socialist Federal Republic of Yugoslavia was also distributed, Montenegro will get 5.88% while Serbia will get a 94.12% share, Dinkic said.
He specified that Montenegro will get 37,914.77 gold ounces as well as the proportional share of stocks and foreign currency.
Dinkic confirmed that an agreement on pension payment is being made, under which Serbia will pay pensions to Montenegrin citizens proportionally according to the working time period they spent in Serbia and vice versa.
He noted that there are around 3,500 citizens of Montenegro who worked in Serbia and some 1,500 living in Serbia who spent a period of their lives working in Montenegro. He announced that pensions will be paid out via commercial banks.
Montenegrin Minister of Finance Igor Luksic said that the signing of this agreement has resolved one of the most difficult issues between Serbia and Montenegro and expressed expectation that agreements will be reached in other fields as well, including the distribution of physical property and embassies and regulating the payment of military pensions and old foreign currency savings.
The agreement signed today is be ratified in the parliaments of Serbia and Montenegro.
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