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The Government of the Republic of Serbia

In the service of citizens

Government undertakes measures to reduce sugar price

Belgrade, 23 August 2004

Serbian Minister of Trade, Tourism and Services Bojan Dimitrijevic announced today that the government will undertake appropriate measures to reduce the price of sugar to the previous 31 dinars thanks to the intervention from the commodity reserves.

He said that the government agreed with the EU about the export quotas, stressing that sugar makers from Serbia will be allowed to export sugar surplus only and nothing more than that. Dimitrijevic said that there are around 108,000 tonnes of sugar stored in the commodity reserves, adding that a 320,000 tonne yield is expected this year, which means that the surplus could amount to between 200,000 and 220,000 tonnes.

The Minister announced that the legislation preventing the monopoly is in its final phase and should be enacted within one month. After passing the legislation, an anti-monopoly commission with large authorisations will be established.

Dimitrijevic said that the prices in the period from December 2003 to July 2004 rose by 6.6 percent, which was mainly influenced by the rise in the price of petrol and electricity. While rise in the price of electricity was planned, the price of petrol could not have been predicted by any means, he said.

The Minister said that the government will try to keep the inflation below 10 percent by carrying out its monetary and fiscal policy.