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5.05.2008.

Construction of New Customs Office in Sabac Started

The cornerstone for a new EUR2.3mn customs office was laid in Sabac today. Serbian Minister of Finance Mirko Cvetkovic said on this occasion that Sabac Municipality gave 2.3 hectares of land for the customs office, while the Ministry provided RSD200mn for that purpose.

18.04.2008.

Cvetkovic: Funds for Magnohrom are earmarked

Serbian Minister of Finance Mirko Cvetkovic said today that severance payments and funds for computation of years of service for Magnohrom workers have been earmarked in the budget. “Those payments, as well as salary increase and one-time assistance payments for budget users in lieu of Labour Day holidays, will not jeopardize budget stability”, said Cvetkovic to Beta News Agency.

17.04.2008.

Financial Management Information System Introduced

Treasury Administration has introduced Financial Management Information System worth EUR14m that will enable budget savings, Treasury Director Ivan Maricic told a news conference today. He said that application of the new system will enable more efficient control and increased transparency in spending taxpayers' money, and improve Serbia's management of the EUR8.8bn public debt.

14.04.2008.

Serbian Delegation Called on World Bank and IMF for Larger Investments in Serbia

Serbian Minister of Finance Mirko Cvetkovic stated today that Serbian delegation called on International Monetary Fund and World Bank representatives in Washington to undertake more activities and investment efforts in Serbia. After attending the spring meetings of IMF and World Bank in Washington, Mr. Cvetkovic told Beta news agency that the two institutions were asked to invest more funds in Serbia, which would attract new investments and create new jobs.

27.03.2008.

Opinion of the Ministry of Finance concerning Horgos-Pozega Concession

The Ministry of Finance forwarded to the Ministry of Infrastructure its opinion regarding annex to the Agreement on Construction, Use and Maintenance of Horgos-Pozega Highway.

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11.03.2008.

€16 mil for Cross-Border Cooperation

At today’s conference on EU cross-border cooperation programmes entitled Neighborhood Programmes – Successful Examples in Practice, organized by the Ministry of Finance and European Agency for Reconstruction, the Minister of Finance Mirko Cvetković announced that the Ministry and European Union will co-finance projects in that area. At the gathering organized in Continental hotel, he said that the Ministry will work also to introduce necessary changes to legislation in order to provide for continuation of the current and execution of future projects. Mr. Cvetković underscored that the Ministry has a team of 30 people working on 140 cross-boarder cooperation programmes.

11.03.2008.

Budget apportionments will be executed normally

Minister of Finance Mirko Cvetkovic stated today that budget stability of the country will be secured, regardless of political circumstances. “We already have the budget adopted for this year, where resources are allocated clearly, and there are no reasons for the budget not to be executed normally”, Cvetkovic told a news conference dedicated to cross-border cooperation and added there were no reasons for concern regarding pensions or financing of projects.

5.03.2008.

RSD 42.7 billion to be set aside for Kosovo in 2008

Serbian Minister of Finance Mirko Cvetkovic said late yesterday that total expenses for Kosovo-Metohija envisaged by the Serbian budget for this year stand at RSD 42.7 billion, of which RSD 5 billion is for Kosovo's debt. Cvetkovic said that additional funds for the need of users in Kosovo-Metohija will be secured by redistribution of the existing funds in the budget, and stressed that there will be no tax increase because that would entail increase of public spending and boost the inflation.

29.02.2008.

Ilic: Successful Initial Public Offering by the End of 2009

Serbia expects to issue at least one successful initial public offering (IPO) by the end of 2009, State Secretary of the Ministry of Finance Slobodan Ilic said at a gathering dedicated to introduction of IPO. The IPO Project, that is, the first issuance of shares of unlisted companies, will be realized in two phases, Ilic said. He specified that the first phase is underway and will last till April, to be followed by the plan execution.

26.02.2008.

Potential Budget Realignment

The Minister of Finance Mirko Cvetkovic announced during his visit to Kosovska Mitrovica today that Serbian budget may be realigned in order to allocate additional resources to Kosovo and Metohija. The 2008 Budget apportioned over 31 billion dinars for Kosovo and Metohija, Mr. Cvetkovic said. He added, however, that these resources were intended for investments in the province, under assumption that there would be no major events.

21.02.2008.

Serbia to Continue Repaying Kosovo Debt

The Minister of Finance Mirko Cvetkovic informed that the Serbian budget for 2008 has allocated funds for repayment of Kosovo’s debt and said that Serbia shall continue settling the obligations. Kosovo is a part of Serbia and we will not recognize illegal Kosovo independence, and will consequently keep on repaying the debt, he said.

6.02.2008.

Key Policy Rate Increase in a Dinar Straightening Function

The Minister of Finance in the Government of the Republic of Serbia Mr. Mirko Cvetkovic said that the National Bank of Serbia Monetary Policy Committee decision on key policy rate increase of 0,75 pp will serve as a dinar straightening element and as an instrument in combating inflation.

After extraordinary Telekom “Serbia” shareholders’ assembly, Cvetkovic said that looking at the volume of the budgetary spending there was no need for such a measure, being that in the month of January there were no records of high spending, and a budgetary surplus was recorded in amount of 12,7 bln of dinars.

1.02.2008.

Ilic: Bonds for Acquisition of Company Capital

By the end of 2009, at least three to five both corporate and local government bonds and at least one IPO for acquisition of company capital will exist on the Serbian financial market, said Slobodan Ilic, state secretary of the Ministry of Finance.

At a meeting organized to set up a working group for promotion of Serbian financial system, Mr. Ilic told journalists that these plans are realistic, and underlined that 2008 will be a year of reforms of regulatory norms and institutions on Serbia’s financial market.

29.01.2008.

Tax amendments in the Parliament

Minister of Finance Mirko Cvetkovic said today that six amendments to tax laws have been prepared in January and forwarded to the Parliament for consideration. He underscored that the Proposed law on amendments and changes to Personal Income Tax Law envisages reduction of capital gain tax on securities from 20% to 10%. This law will provide for cumulative computation of profit at the end of every year, which simplifies the procedure significantly, he added. The minister recalled that residents who received more than 1,394,784 RSD in a year are required to file a tax return, while the threshold for non-residents is 2,324,640 RSD.

26.12.2007.

Serbian Parliament Adopted 2008 Budget

Serbian Minister of Finance Mirko Cvetkovic stated that Serbia’s 2008 budget, which was adopted yesterday, will serve to promote economic growth and reduce public expenditure. Cvetkovic told Beta news agency he was pleased that the budget, as the most important task of the Ministry of Finance, was adopted within the defined deadline. (download presentation)

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