Q:
A:
Government to ensure macroeconomic stability, economic activities
Belgrade,
11 February 2009
Deputy Prime Minister for EU Integration Bozidar Djelic today stated that under the circumstances of the global crisis the government will strive to ensure macroeconomic stability and maintain economic activities in Serbia.
Author:
Tanjug
Speaking at a meeting themed "Possible Answers to Global Economic Crisis", Djelic noted that the government will do its best to prevent social stratification in the country, as well as fight for investment under the strained circumstances.
The Deputy Prime Minister said that Serbia is within the European average when it comes to social stratification, adding that the discrepancies have remained the same over the past several years.
Speaking about economic stability he recalled that since 2001 Serbia has been leading a restrictive monetary policy, which is why it had a strong banking sector when the crisis began.
The government thought in advance about the consequences of the crisis and was among the first countries in the region to close an arrangement with the IMF, which can be additionally expanded, he stressed.
He said the dinar exchange rate has re-established its balance, announcing that the Serbian monetary authorities will ensure its stability regardless of its current floating rate.
He noted that the government will do its best to keep investors who are already doing business in Serbia, as well as to create conditions to make sure that the reduced demand does not reduce the volume of their activities.
Djelic also said that the possibility of receiving an additional $300 million is being discussed with World Bank representatives, which should be approved at the bank’s annual assembly, scheduled for April.
He explained that a portion of this loan, $150–200 million to be precise, will go to the budget, recalling that at the recently held economic forum in Davos he already talked about this arrangement with World Bank representatives.
According to him, the precondition is to specify the purpose for the remaining $200 million from the previously approved package totalling $600 million, of which $400 has been envisaged for the construction of Corridor 10, he added.
Djelic noted that in the second and third quarter of 2099 there will be talks with the European Commission about the agreement on macro financial support to the budget, amounting to €400 million. The agreement should be reached in the last quarter of 2009, he added.
The Deputy Prime Minister said that Serbia is within the European average when it comes to social stratification, adding that the discrepancies have remained the same over the past several years.
Speaking about economic stability he recalled that since 2001 Serbia has been leading a restrictive monetary policy, which is why it had a strong banking sector when the crisis began.
The government thought in advance about the consequences of the crisis and was among the first countries in the region to close an arrangement with the IMF, which can be additionally expanded, he stressed.
He said the dinar exchange rate has re-established its balance, announcing that the Serbian monetary authorities will ensure its stability regardless of its current floating rate.
He noted that the government will do its best to keep investors who are already doing business in Serbia, as well as to create conditions to make sure that the reduced demand does not reduce the volume of their activities.
Djelic also said that the possibility of receiving an additional $300 million is being discussed with World Bank representatives, which should be approved at the bank’s annual assembly, scheduled for April.
He explained that a portion of this loan, $150–200 million to be precise, will go to the budget, recalling that at the recently held economic forum in Davos he already talked about this arrangement with World Bank representatives.
According to him, the precondition is to specify the purpose for the remaining $200 million from the previously approved package totalling $600 million, of which $400 has been envisaged for the construction of Corridor 10, he added.
Djelic noted that in the second and third quarter of 2099 there will be talks with the European Commission about the agreement on macro financial support to the budget, amounting to €400 million. The agreement should be reached in the last quarter of 2009, he added.
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