Serbia using "only quarter of World Bank funds"

Head of the World Bank Office in Serbia Loup Brefort says that Serbia is slow when it comes to implementation of funds granted by the financial institution. The country is currently using only a quarter of the total sum at its disposal, he said. Serbia using "only quarter of World Bank funds" Compared to other European and central Asian countries, Serbia has one of the lowest levels of utilization of available resources, Brefort told B92 TV. The World Bank set aside some EUR 850mn which the government said were important but as much as EUR 620mn still have not been withdrawn, Brefort said and noted that project realization in Serbia lasts from six to seven years instead of five to six. Brefort pointed out that Serbia is on the verge of losing a donation worth EUR 600,000 because the country has not been able for some five weeks now to establish who has the authority to withdraw the funds from the World Bank and put them to use. According to him, the main problem in the utilization of the funds lies in extremely complicated procedures and cumbersome administration, and competent bodies are not working hard enough on solving these issues. We will continue to perform advisory function for the government and recommend that it should be more efficient when it comes to using the funds because these projects can be beneficial for all citizens, Brefort said. Loup Brefort

Serbia using "only quarter of World Bank funds"

Compared to other European and central Asian countries, Serbia has one of the lowest levels of utilization of available resources, Brefort told B92 TV.

The World Bank set aside some EUR 850mn which the government said were important but as much as EUR 620mn still have not been withdrawn, Brefort said and noted that project realization in Serbia lasts from six to seven years instead of five to six.

Brefort pointed out that Serbia is on the verge of losing a donation worth EUR 600,000 because the country has not been able for some five weeks now to establish who has the authority to withdraw the funds from the World Bank and put them to use.

According to him, the main problem in the utilization of the funds lies in extremely complicated procedures and cumbersome administration, and competent bodies are not working hard enough on solving these issues.

We will continue to perform advisory function for the government and recommend that it should be more efficient when it comes to using the funds because these projects can be beneficial for all citizens, Brefort said.