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Talks on Russian credit support to Serbian budget in Moscow

Belgrade/Moscow, 29 October 2009

Assistant Minister of Finance Zoran Cirovic said that the Serbian and Russian working groups talked today in Moscow about a $200 million credit line from Russia for the Serbian budget.

Cirovic, who is also chairman of the Serbian expert group, told Tanjug during a pause in the meeting, that the Russian side suggested a 10 year repayment period, with a one to two year grace period.

The Serbian side asked for longer terms, not less than 13 years, he said and described the talks as constructive so an agreement can be expected.

The Assistant Minister said that the interest rate at which the loan will be approved will be discussed today, while the $800 million loan for infrastructural projects should be looked at tomorrow. Cirovic recalled that the Serbian delegation has a precise list of infrastructural projects, and added that the Russian side requested today to examine the payment of Russia’s clearing debt to Serbia.

He explained that this is not some kind of additional condition, but that Russian negotiators wanted to use the arrival of Serbian experts to talk about the technical details of the realisation of that contract. The contract in question is the one between the Serbian hydro electrical power plant Djerdap-1 and Russian company Silovije Masini on the upgrade of the power plant, which is part of the interstate agreement on regulation of the clearing debt between the two countries, Cirovic explained and added that the Serbian side is ready to discuss that.