PM: Incentive measures to tackle economic crisis

A series of economic incentive measures have been agreed at a meeting of the PM, ministers and the NBS governor to help weather the financial crisis.

Izvor: FoNet

Friday, 23.01.2009.

16:10

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A series of economic incentive measures have been agreed at a meeting of the PM, ministers and the NBS governor to help weather the financial crisis. Mirko Cvetkovic told FoNet that it had been agreed to set aside EUR 1bn worth of incentive funds for industry, plus a packet of measures for coping with the international economic crisis. PM: Incentive measures to tackle economic crisis Cvetkovic stressed that all the planned funds were envisioned by the budget, while funds were also expected to be generated from banks’ credit potential, which should guarantee development and growth of 3.5 percent GDP. According to the prime minister, this was why an interest rate of between 5.5 and 6.5 percent had been defined, depending on the method used to receive the incentive funds. Emphasizing that it was necessary to stimulate development and growth of domestic output, he said that, together with Mladjan Dinkic, Diana Dragutinovic and Radovan Jelasic, he had considered operationalization of incentive measures, and that a set of basic measures and time frames for their implementation had been agreed. The three types of measures include generating additional funds of EUR 21mn for economic solvency, through short-term loans at a subsidized interest rate of 5.5 percent, which would “generate EUR 420mn of credit funds from banks’ potential.” Longer-term loans, repayable over three to five years, are the second measure, added Cvetkovic, stressing that 30 percent of funds would go via the Development Fund, 70 percent from bank potential (for which EUR 52mn had been allotted), while overall funds would amount to between EUR 168mn and EUR 178mn. The third measure, he said, were international economic loans totaling EUR 420mn. The prime minister said that a meeting of a technical-operative implementation team would be held next week to define all the conditions, time frames and details, while the NBS would set the criteria for the list of possible banks that the incentive funds could be placed through. “As a government, we will set priorities and sectors where this financing will be carried out,” said Cvetkovic. Mirko Cvetkovic (FoNet, archive)

PM: Incentive measures to tackle economic crisis

Cvetković stressed that all the planned funds were envisioned by the budget, while funds were also expected to be generated from banks’ credit potential, which should guarantee development and growth of 3.5 percent GDP.

According to the prime minister, this was why an interest rate of between 5.5 and 6.5 percent had been defined, depending on the method used to receive the incentive funds.

Emphasizing that it was necessary to stimulate development and growth of domestic output, he said that, together with Mlađan Dinkić, Diana Dragutinović and Radovan Jelašić, he had considered operationalization of incentive measures, and that a set of basic measures and time frames for their implementation had been agreed.

The three types of measures include generating additional funds of EUR 21mn for economic solvency, through short-term loans at a subsidized interest rate of 5.5 percent, which would “generate EUR 420mn of credit funds from banks’ potential.”

Longer-term loans, repayable over three to five years, are the second measure, added Cvetković, stressing that 30 percent of funds would go via the Development Fund, 70 percent from bank potential (for which EUR 52mn had been allotted), while overall funds would amount to between EUR 168mn and EUR 178mn.

The third measure, he said, were international economic loans totaling EUR 420mn.

The prime minister said that a meeting of a technical-operative implementation team would be held next week to define all the conditions, time frames and details, while the NBS would set the criteria for the list of possible banks that the incentive funds could be placed through.

“As a government, we will set priorities and sectors where this financing will be carried out,” said Cvetković.

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