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The Government of the Republic of Serbia

In the service of citizens

Serbia will implement envisaged reforms

Belgrade, 29 February 2008

Serbian Deputy Prime Minister Bozidar Djelic stated today that Serbia will continue along the road towards EU integration and implement all envisaged reforms, including the projected privatisation processes.

Author: Fonet

At a press conference regarding the award ceremony for Corporate Social Responsibility (CSR) held at the Serbian Chamber of Commerce, Djelic said that on March 3 ministers responsible for the country’s economy will meet with representatives of all parties in the leading coalition, the Chamber of Commerce, Foreign Investors Council and the Bank Association. The meeting should send out the message that Serbia is stable and will not isolate itself.

He said that all relevant international rating agencies, which constantly monitor and asses the political and economic risks in our country, issued new assessments and affirmed Serbia’s rating.

According to Djelic, the Serbian government goals still include economic growth of 6% in 2008, $3 billion of direct foreign investments, acquiring EU candidate status by year’s end and abolishing visas for Serbian citizens.

Djelic emphasised that government members have maintained direct contact with all investors interested in coming to Serbia, and added that they are providing them with all relevant information to ensure that they do not back out.

He also said that in agreement with the creditors Serbia should stop paying Kosovo’s debt, but in such a way as to avoid recognising any aspect of the province’s independence.

According to him, Serbia has not been collecting taxes in this part of its territory for ten years already, therefore a solution must be found so that those who collect taxes start settling the debt.

I have consulted finance ministers of countries with whom we have outstanding debts, and I expect that a solution will be reached in the forthcoming months. That is in the interest of both our country and our creditors, said Djelic.

He explained that the US budget projected $160 million for Kosovo’s debt, however, the original idea of the US Department of the Treasury was an agreement between Serbia and Kosovo by which this issue would be regulated.

Naturally, this is impermissible and Serbia will never agree to that, but we can find other modalities which will respect our sovereignty and at the same time reduce the pressure on our tax payers, stressed Djelic.

If anything is to be done concerning Kosovo’s debt, it must be in agreement with the creditors, because if we stop paying what is in their opinion Serbia’s debt, they will think we have gone bankrupt, he explained.

According to him, this is out of the question and Serbia does not need this at such a delicate hour.

Djelic recalled that he brought up the issue of Kosovo’s debt last October at a meeting with representatives of the Paris Club of Creditors, and again several days later in Washington at a meeting of the World Bank and the International Monetary Fund.