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The Government of the Republic of Serbia

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IMF greenlights loan to Serbia on May 11

Novi Sad, 4 May 2009

Deputy Prime Minister for EU integration Bozidar Djelic affirmed today in Novi Sad that on May 11 the IMF will approve a €3 billion loan to Serbia, which will open up possibilities for other loan arrangements.

Following the signing of the agreement on realising the project "European Index of Serbia’s Competitiveness" Djelic stressed that the IMF Board of Directors’ decision is crucial to Serbia’s monetary stability in 2009 and 2010, adding that it is also a condition for further loans from the EU and commercial banks.

He said agreement on a European Investment Bank loan worth €250 million, intended for Serbian SMEs, will be signed on May 11.

Djelic, who is also Minister of Science and Technological Development, announced that on May 9 Serbia and Russia will sign an agreement on relocating radioactive waste from the Vinca Nuclear Institute.

He said that due to the revision of the 2009 budget, around RSD 1 billion less will be allocated for science and technological development, while these funds in Vojvodina have been reduced by RSD 200 million.

He stressed it is important to engage all available resources, the private sector and international financial funds in overcoming the grave budget crisis in the science and technology sector.

The agreement on realising the project "European Index of Serbia’s Competitiveness", which Djelic signed with provincial Secretary of Science and Technological Development Dragoslav Petrovic, envisages the drafting of a study of Serbia’s competitiveness in relation to other European countries.

Djelic explained that signatories wish to intensify efforts to ensure the development of science and technology in the time of the budget crisis.

According to the Minister, the project is very original as it envisages the implementation of European methodologies, which will help Serbia come closer to EU member states in many aspects.

Djelic pointed out that the project will be an integral part of the national strategy for science and technology, which will enable Serbia to become an important factor when it comes to agriculture, energy, IT and medicine.

He stressed that it is of major importance to pay special attention to certain fields.

The project will be realised by the Novi Sad Faculty of Technical Sciences, with the assistance of Belgrade, Nis, Kragujevac, Kosovska Mitrovica and Novi Pazar Universities.

Provincial Secretary for Science and Technological Development Dragoslav Petrovic said that the research into Serbia’s competitiveness, carried out by the Faculty of Technical Sciences in Vojvodina, has helped the provincial government to draft a strategy and action plans for technological development, resulting in the return of 13 scientists from abroad, the opening of 44 high-tech factories and the creation of around 16,000 new jobs.

Next week we will announce a competition for financing existing working posts, worth around €1 million, stressed Petrovic.

Dean of the Faculty of Technical Sciences Ilija Cosic explained that during the research EU methodologies for determining the competitiveness index will be used.

The project will be realised by an expert team led by Dean Cosic, under the auspices of the Ministry of Science and Technological Development and the Provincial Secretariat for Science and Technological Development.