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The Government of the Republic of Serbia

In the service of citizens

Implementation of reforms precondition for economic growth next year

Belgrade/Vienna, 14 January 2014

Minister of Economy Sasa Radulovic stated today that Serbia has launched difficult economic reforms that include changes in the labour law and procedures for issuing building permits, as well as the creation of a good regulatory framework for the completion of privatisation.

Sasa Radulovic

Author: tanjug.rs

Speaking at the first panel “Europe: recovery and growth” of the Central and Eastern European Forum „Euromoney”, held today and tomorrow in Vienna, Radulovic stated that in 2015 Serbia can expect economic growth if these reforms are carried out to the end.

He underlined that the structure of the economy is the main problem in Serbia since a large number of companies are owned by the state, which has been investing great funds into companies that were generating losses and which are today unsustainably indebted.

That is why, as he explained, the state is planning to convert debt into capital and privatise these companies so that they no longer represent a huge burden to the healthy part of the economy, and announced that companies in restructuring will be put to sale after a new law on privatisation is adopted.

Chief Economist of the European Bank for Reconstruction and Development (EBRD) Erik Berglof agreed with the opinion of Minister Radulovic that structural reforms in Serbia will lead to growth and that incentives for the economy should be re-introduced.

Deputy Director at the Department for Europe at the International Monetary Fund (IMF) Aasim Husain underlined that the reform of the labour market, i.e. of the labour legislation, is the main reform that will bring about development in Central and Eastern Europe.

Bulgarian Deputy Prime Minister Daniela Bobeva and Romanian Minister Delegate for Budget Liviu Voinea also participated in the panel.

Today Radulovic will also speak at the roundtable dedicated to investment and business opportunities in Serbia.

He will present to prospective investors a new regulatory framework for privatisation in Serbia and the potential for brown field investment in 153 companies in restructuring and 419 other companies that fall under the competence of the Privatisation Agency.