Mr. Djelic announced a series of laws aimed at securing financial order

Minister of Finance and Economy, Mr. Bozidar Djelic declared today that the goal of the economic policy lead by the Serbian Government was the simultaneous assurance of the financial stability and the economic growth of the country, because the development of the financial market stimulates revitalization of the real economic sector, i.e. the entire economy, and vice versa. On the occasion of the panel discussion entitled „Situation, conditions and perspectives of the financial market and the insurance market“, organized by the Belgrade Chamber of Commerce, Mr. Djelic emphasized that the entry in effect of the Law on Ministries and the Law on the Budget rebalancing, provided for the transfer of the financial market supervision under the authority of the Finance Ministry – which should, in the upcoming period, suggest a whole series of legal regulations aimed at securing the introduction of a more strict order in the country’s finances.

Mr. Djelic estimated that the Law on Insurance – already drafted, should be adopted in the current of this summer, in order to provide for a strict order introduction in this activity domain and allow the restructuring and the privatization of major insurance companies.

The planned modifications and amendments to the law regulating the activity of the Agency for the banks rehabilitation, provide for an extension of the Agency’s competencies and authority, so that it can carry out the privatization process of the financial sector (banks) – announced Mr. Djelic, adding that the Serbian Parliament should also very soon adopt the Law on the Public debt, aimed at regulating the Republic of Serbia debt contracting with the international financial institutions.

Mr. Djelic also explained that the State Union of Serbia and Montenegro would provide necessary guarantees to the loan and crediting financial institutions – debts that would be serviced by the member states themselves, meaning Serbia and Montenegro respectively and separately.

The Finance Minister announced, for the next week, the issuing – by the Treasury, as a new financial sector institution – of short-term securities, aimed at covering a portion of the budgetary deficit. Also, the Law on Servicing the Serbian obligations towards the debt of the Loan for the economic rebirth of Serbia should be adopted soon.

Mr. Djelic also said that the Law on economic societies, the Law on voluntary pension funds, as well as the Law on investment funds should be adopted by the end of next summer, adding that the drafting of the laws on the Agency for the insurance of mortgage credits and on the Fund of credit guarantee for small and mid-sized companies has already been initiated.

„Belgrade should soon become a South-Eastern Europe’s London, the strongest financial center in the region“, declared Mr. Djelic, adding that Serbia has chosen the continental-European model for the financial market development.