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28. February 2003 - Friday |
EBRD - Transition report
EBRD – The European Bank for Reconstruction end Development issued its Transition Report for 2002. During an interview with the Belgrade daily Politika, Olivier Decamps, regional director for South East Europe and Kavkaz, said that Serbia and Montenegro have taken first place in the region when considering the speed of reforms and efficiency, especially in the banking sector and privatization of larger companies.
The institutional framework for further reforms has been well established. Last years $300 million in direct foreign investments exceeded EBRD expectations. In 2003, between one-half of a billion and one billion US dollars could be expected which mostly depends on the privatization of Telekom Serbia, Beopetrol and the Serbian tobacco industry. To increase the level of foreign investments it will be necessary to ensure conditions for stability and increasing investors security: following the letter of the law and international standards, efficient and confident judicial system, efficient and transparent public administration are among other goals which need to be achieved.
According to Olivier Decamps, the Serbian parliament functions badly, slowing or stopping important measures, laws and projects. Adoption of the Bankruptcy Law, Foreign Investments and Investments Protection Law and, the Concession Law are very important for foreign investors. The EBRD is ready to invest between €200 and €300 million this year, but plans to reduce investments in the public sector and increase investments in private companies which should produce more jobs.
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