Q:
A:
Quicker than ever development awaits Serbia
Belgrade,
5 June 2007
Serbian Deputy Prime Minister Bozidar Djelic announced today that in mid-June the European Commission in Brussels will be shown a Serbian government agenda which envisages that Serbia concludes the Stabilisation and Association Agreement (SAA) with the EU by end-2007.
Bozidar Djelic
In an introductory speech delivered at the conference themed “The Future of Balkan Capital Markets: Alternative Investment Ways”, Djelic said that foreign investors will thus be enabled to do business in Serbia better and more easily. The Deputy Prime Minister added that he hopes that after the summer Serbia will resume talks on the SAA and sign the agreement before the year ends in order to officially apply for EU membership in early 2008.
According to Djelic, the formation of the new government was the key precondition for the development of the economy and financial market and the announcement of EU Enlargement Commissioner Olli Rhen that talks on the SAA with Serbia will resume has opened up new economic perspectives for Serbia.
Djelic added his conviction that the fastest and greater than ever development of Serbia will ensue in the forthcoming years and added that the conclusion of the SAA will enable Serbia to link the domestic capital market with that of the EU, which would make investors feel more safe.
The Deputy Prime Minister announced that in the beginning of July representatives of the IMF and the Serbian government will begin talks on a new arrangement with this international financial institution, and added that the signing of a concrete arrangement will take place around the year’s end. Its framework will be incorporated in Serbia’s 2008 budget, he added.
Speaking about the future macroeconomic climate in Serbia, Djelic said that amendments to the Law on the National Bank of Serbia will be adopted before summer and will further strengthen the central bank’s stability and independence.
According to the National Bank’s estimates, the overall inflation rate in 2007 is expected to be below 6%, whereas economic growth should be at the annual average rate of 5%, specified Djelic and warned that one of the serious issues will be the reduction of the foreign trade deficit and the deficit in the balance of payments.
Furthermore, the government will help develop the capital market through a series of systemic measures, one of which will be the reduction of the capital gains tax and another the adoption of a strategy for restructuring large public companies and trading their shares through initial offer at the Belgrade Stock Exchange, said Djelic.
The one-day international conference at the Hyatt Regency Hotel was attended by 300 participants and was organised by the Economist Media group.
According to Djelic, the formation of the new government was the key precondition for the development of the economy and financial market and the announcement of EU Enlargement Commissioner Olli Rhen that talks on the SAA with Serbia will resume has opened up new economic perspectives for Serbia.
Djelic added his conviction that the fastest and greater than ever development of Serbia will ensue in the forthcoming years and added that the conclusion of the SAA will enable Serbia to link the domestic capital market with that of the EU, which would make investors feel more safe.
The Deputy Prime Minister announced that in the beginning of July representatives of the IMF and the Serbian government will begin talks on a new arrangement with this international financial institution, and added that the signing of a concrete arrangement will take place around the year’s end. Its framework will be incorporated in Serbia’s 2008 budget, he added.
Speaking about the future macroeconomic climate in Serbia, Djelic said that amendments to the Law on the National Bank of Serbia will be adopted before summer and will further strengthen the central bank’s stability and independence.
According to the National Bank’s estimates, the overall inflation rate in 2007 is expected to be below 6%, whereas economic growth should be at the annual average rate of 5%, specified Djelic and warned that one of the serious issues will be the reduction of the foreign trade deficit and the deficit in the balance of payments.
Furthermore, the government will help develop the capital market through a series of systemic measures, one of which will be the reduction of the capital gains tax and another the adoption of a strategy for restructuring large public companies and trading their shares through initial offer at the Belgrade Stock Exchange, said Djelic.
The one-day international conference at the Hyatt Regency Hotel was attended by 300 participants and was organised by the Economist Media group.
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