"Serbia joining Euroclear Bank until the end of the year"

BELGRADE -- Minister of Finance, Sinisa Mali said today that negotiations are underway to include Serbia in Euroclear Bank

"Serbia joining Euroclear Bank until the end of the year"

BELGRADE -- Minister of Finance, Sinisa Mali said today that negotiations are underway to include Serbia in Euroclear Bank

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Foto: Tanjug/BOJAN STEKIC

Mali expects that this will be realized by the end of the year.

"We are negotiating intensively and I think we will be admitted to Euroclear in the next couple of weeks, i.e. by the end of the year, which will further increase the demand for our securities", Mali told reporters.

Earlier today, he also met with the Director of the Central Securities Registry and assessed that the process was going according to plan.

"That is a matter for the next few weeks, that is, by the end of the year, I think we will be listed in Euroclear Bank, which will further increase the demand for our securities", said Mali.

Euroclear is a Belgian financial services company specializing in the settlement of securities transactions, as well as the safekeeping and servicing of these securities.

Mali said today according to a "flash" estimate the growth of our economy for the third quarter of this year is 4.7 percent, which, he says, means that the economy growth for 2019 will be up to 3.8 percent.

"According to the flash estimate, the growth rate of our economy is 4.7 percent for the third quarter of this year. We will come out today or tomorrow with economic growth projections for this year and it will no longer be 3.5 percent as planned, but 3.6 or 3.7, and maybe as much as 3.8 percent", Mali said at a news conference.

According to him, this is a huge rate of growth of our economy, and this is happening in times when the great foreign trade partners of our country, such as Germany and Italy, experience slowing down of their respective economies.

"Also, the growth of foreign investments is never higher, that is, 42 percent more foreign investments in the seven months of this year than in the same period last year", Mali said. He also stated that the unemployment rate in our country is falling month by month, and that in December, average wages will be more than 500 euros.

"With the start of the new year, pensions go up by 5.4 percent", Mali recalled.

Minister of Finance announced that he would present the budget for 2020 to MPs starting from November 20, adding that he would then present all details about new investments, highways, wages and pensions increases and further relief for the economy.

"We are also planning big tax reliefs for young people to encourage their employment. We are also planning to reduce the burden on wages from 63 to 61 percent", Mali said.

He pointed out that the tax burden on government salaries will continue to reduce, in order to stimulate new employments, increase our country's competitiveness and prove to be an attractive investment destination.

"If we also achieve the goal of obtaining an investment credit rating next year, then the sky is the limit for us. Then we will expect even more success in the international financial market", Mali concluded.

The budget for 2020 is projected to have a 50.3 percent share of public debt in GDP, down one percent from this year, the finance minister said.

According to him, Serbia is continuing its downward trend in public debt, adding that it is estimated that our public debt will be around 47.2 percent by 2022. "With a three-year fiscal strategy, our public debt-to-GDP ratio is projected to be slightly above 47 percent, about 47.2 percent, by 2022", Mali said at a news conference.

He stated that the Government of Serbia is responsible and diligent in working on lowering public debt, but also on GDP growth, raising the standard of living through increasing salaries and pensions and allocating money for capital investments. Mali reminded the public that the share of public debt in GDP in 2014 was 70 percent and has been declining ever since.

"By the end of the year, it will be about 51 percent, by the end of the next 50.3 percent, and by 2022, 47.2 percent", Mali concluded.