“Serbia to allocate EUR 1bn to increase economy's solvency"

Serbian Finance and Economy Minister Mlađan Dinkić said Thursday that in order to increase the economy's solvency, loans worth around EUR 1bn would be granted.

Izvor: Tanjug

Thursday, 23.08.2012.

15:16

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BELGRADE Serbian Finance and Economy Minister Mladjan Dinkic said Thursday that in order to increase the economy's solvency, loans worth around EUR 1bn would be granted. He added that 104 parafiscal burdens would be abolished as of October 1. “Serbia to allocate EUR 1bn to increase economy's solvency" After a meeting with representatives of Serbia's largest exporters, Dinkic said that the state would earmark around EUR 300mn for subsidized loans to exporters, and the remaining sum in 2013, and explained that the state would subsidize interests to the loans granted to the exporters by business banks. This means that the solvency loan with a foreign currency clause would have an interest rate of 3.5 percent, and the loan granted in dinars would have an interest rate equal to the reference interest rate set by the National Bank of Serbia. “The solvency loans would be granted with an 18-month repayment period, and a six-month grace period,” Dinkic specified, adding that in order to get such a loan, companies would have to keep all the workers, i.e. they would not be allowed to fire anyone. He announced that the measures would be proposed to the Serbian government next Thursday, and first loans would be granted in September. Speaking about the abolition of parafiscal burdens, the minister said that the ministry had already prepared the set of bills, which would abolish 104 parafiscal burdens from the state to the local levels, so as to relieve the economy of redundant obligations, and announced that the ministry would also abolish taxes collected by state agencies for various services. Mladjan Dinkic (Beta, file) Tanjug

“Serbia to allocate EUR 1bn to increase economy's solvency"

After a meeting with representatives of Serbia's largest exporters, Dinkić said that the state would earmark around EUR 300mn for subsidized loans to exporters, and the remaining sum in 2013, and explained that the state would subsidize interests to the loans granted to the exporters by business banks.

This means that the solvency loan with a foreign currency clause would have an interest rate of 3.5 percent, and the loan granted in dinars would have an interest rate equal to the reference interest rate set by the National Bank of Serbia.

“The solvency loans would be granted with an 18-month repayment period, and a six-month grace period,” Dinkić specified, adding that in order to get such a loan, companies would have to keep all the workers, i.e. they would not be allowed to fire anyone.

He announced that the measures would be proposed to the Serbian government next Thursday, and first loans would be granted in September.

Speaking about the abolition of parafiscal burdens, the minister said that the ministry had already prepared the set of bills, which would abolish 104 parafiscal burdens from the state to the local levels, so as to relieve the economy of redundant obligations, and announced that the ministry would also abolish taxes collected by state agencies for various services.

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