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The Government of the Republic of Serbia

In the service of citizens

Adoption of financial laws to be speeded up

Belgrade, 21 October 2008

State Secretary at the Ministry of Finance Slobodan Ilic today called on MPs to speed up the adoption of laws regarding the financial and real sector in Serbia in order to alleviate the consequences of the global financial crisis.

Speaking at the Serbian Chamber of Commerce about possible consequences of the global financial crisis on Serbian economy, Ilic announced that the industry committee will hold a session this week to discuss measures for surmounting the crisis.

He recalled that the government’s working group had made certain steps and added that the National Bank of Serbia last week presented a package of measures for stabilising the monetary situation.

Prime Minister Mirko Cvetkovic yesterday presented the government’s new measures. According to him, the Serbian government’s working group will do its best to alleviate any influences arising from the crisis and will act promptly in the case of any threat to the financial and real sector in Serbia.

The State Secretary confirmed that the government should adopt a decision to increase excises on tobacco and oil products, noting that fuel prices might not go up if the global price of oil continues to drop.

The price of fuel not only depends on excises, but also the price of crude oil on the global markets, Ilic explained, reiterating that the government will try to implement all the measures that Prime Minister Cvetkovic presented yesterday within 15 days, either through decrees or by amending laws.