Monday, October 7, 2013

Vucic: Special fund to control UAE loans spending

10/6/2013 8:04:00 PM

BELGRADE – Serbia’s First Deputy Prime Minister Aleksandar Vucic has said that a special fund could be established to control spending of loans that will be granted to Serbia by the United Arab Emirates (UAE), or the job will be done by the Serbian Development Fund.

Vucic said that Serbia will receive several loans from the UAE under favorable conditions that include low annual interest rate, a grace period and a long-term long repayment. One half of the loan by the Abu Dhabi Fund for Development (ADFD), totaling USD 400 million, will go to agriculture, Vucic said for Belgrade-based broadcaster Prva. Another loan, amounting to USD 1 billion, will be approved by the Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan, by the end of the year, Vucic said. “This loan will serve in part to pay back the most expensive loans, and the second part will be placed in the economy. With the first 500 million we will repay the biggest loans so as to reduce the fiscal deficit by 0.25 percent in 2015. The other 500 million will, under full control, go into our economy,” Vucic said. 

 Vucic hopes there will be no early general elections Vucic said Sunday that he hopes that there will be no early parliamentary elections along with with the early elections for the local government in Belgrade that have been announced. “I hope not,” Vucic said for Belgrade-based TV Prva, and when asked if he thinks that parliamentary elections may still be called ahead of schedule, he said that he has left such a possibility open since the very beginning of creation of the current ruling coalition. Vucic said, however, that the government would not be preparing any tough savings measures if it was considering calling early elections at all levels.

 “Do you think that we would be introducing the measures if somebody was thinking about elections? We will have to pay a high price in many future elections because of the measures, but that is the price of Serbia’s progress,” Vucic underlined. The first deputy prime minister said that it is the price that has to be paid if Serbia is to make real progress, and the country must finally learn the truth, instead of deceiving itself and the citizens of Serbia must no longer spend more that they can earn and everyone needs to think what they can do to contribute to the country's prosperity. Photo Tanjug/S. Radovanovic

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