About foreign investments

Mr. Bozidar Djelic, Minister of Finance and Economy in the Government of the Republic of Serbia, declared yesterday that the Autonomous Province of Vojvodina budget for the year 2003 will amount approximately nine billion dinars, and will remain at that level until the announced reform of the Serbian Constitution.

Reminding of the fact that only two years ago there was no Province budget at all, Minister Djelic emphasized that it firstly appeared last year as a 360 million dinars section of the budget of the Republic, and then, in the current of this year it increased up to 690 million, to, finally, upon the adoption of the omnibus-law and the negotiations with the representatives of the Executive Council of the Province, amount approximately 7.9 billion dinars – without including the financial influx from the Development Fund.

Speaking of the negotiations with the IMF Mission, Mr. Djelic emphasized the fact that one of the major issues discussed was the rise of salaries in Serbia.

– The IMF representatives told us that this pace of salary rise in Serbia could not be maintained during the following year, because our economy is not able to generate such a profit, declared Mr. Djelic.