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Razvoj tržišta municipalnih obveznica

Vlada Srbije i Ministarstvo finansija odlučni su da ustanove i razviju tržište municipalnih obveznica, hartija od vrednosti koje će moći da emituju opštine, izjavio je državni sekretar Ministarstva finansija Slobodan Ilić


- Time ćemo ukinuti status jedine zemlje koja nema razvijene te finansijske instrumente - rekao je Ilić na otvaranju dvodnevne obuke namenjene zaposlenima u opštinama i gradovima, čija su tema municipalne obveznice.
Očigledno je da će transferi lokalnim samoupravama biti sve problematičniji u smislu veličine iznosa na koji su lokalne samouprave navikle, ukazao je on, i dodao da se i tu priprema racionalizacija.
Na skupu, koji je organizovala Stalna konferencija gradova i opština, uz podršku "MSP konsaltinga" iz Kraljeva i finansijsku potporu Vlade Švajcarske, Ilić je rekao da se intenzivno radi na izmenama i dopunama Zakona o javnom dugu, pošto u tom propisu postoje određene odredbe koje destimulišu emisiju municipalnih obveznica.
Državni sekretar Ministarstva finansija rekao je da je trenutno stopirano donošenje zakona o javnoj svojini, na zahtev udruženja za povraćaj oduzete imovine, odnosno da će taj propis biti usvojen zajedno sa zakonom o restituciji.
On je naglasio da će vrlo brzo početi i javna debata o zakonu o tržištu hartija od vrednosti, ocenivši da mnoge jedinice neće biti u mogućnosti da emituju municipalne obveznice, zbog troškova, same veličine lokalne samouprave i prihoda koji ostvaruju, i da će više biti fokusirane na kredite.
Osim zakonodavne aktivnosti, ministarstvo će raditi i na planu edukacije, imajući u vidu da mnoge opštine nisu izvršile ozbiljne pripreme za donošenje zakona o javnoj svojini, kao i da ne postoje registri imovine opština.
Municipalne obveznice, kao dužničke hartije od vrednosti, mogu pomoći lokalnoj vlasti da prikupi sredstva za realizaciju određenih projekata ili za pokrivanje tekućeg budžetskog deficita.
Kurs vodi ekspert Evropske investicione banke Grejem Češir, a lokalni službenici zaduženi za finansije, upravljanje budžetom, dugom i zaduživanjem, moći će da čuju predavanje o razvoju opštinskog tržišta kapitala, kreditnim rizicima, investicionim odlukama i drugim temama.



FREN:Srpska privreda još ne izlazi iz krize

Srpska privreda još nije počela da se oporavlja od krize, izjavio je danas ekonomista Pavle Petrović

Petrović je tokom predstavljanja publikacije Kvartalni monitor kazao da je u drugom tromesečju 2009. godine zabeležen pad privrede za 4,4 odsto i da na početku trećeg kvartala nisu uočeni znaci oporavka.

On je ocenio da je potrebno smanjiti referentnu kamatnu stopu i sprečiti jačanje dinara da bi Srbija mogla da ostvari rast kada se kriza završi i Srbija izađe iz recesije.

Dinar je od početka krize oslabio za 11 odsto, ali je od januara ove godine ojačao za pet procenata, kazao je Petrović i dodao da nije lako proceniti za koliko bi dinar još trebalo da oslabi, ali da je u svakom slučaju potrebno sprečiti jačanje domaće valute.

Recesija je usporila inflaciju, tako da nema opasnosti da bi slabljenje dinara dovelo do porasta cena, kazao je Petrović i procenio da će godišnja inflacija u drugom polugođu biti manja od četiri odsto.

Referentna kamatna stopa od 12 odsto je, kako je naveo, previsoka jer u uslovima inflacije od četiri odsto zajmodavcima omogućava godišnji prinos od osam procenata, zbog čega banke sve više pozajmljuju državi, što privatnom sektoru smanjuje mogućnost da dođe do kredita.

Prema podacima izdavača Kvartalnog monitora, Fonda za razvoj ekonomskih nauka, banke su od početka godine plasirale 500 miliona evra u NBS, a državi su pozajmile 750 miliona evra.



Pripreme za proizvodnju novog Fijatovog automobila u Kragujevcu

Ministar ekonomije i regionalnog razvoja Mlađan Dinkić najavio je danas da će za šest do osam nedelja u Kragujevcu početi realizacija investicije za početak proizvodnje potpuno novog modela Fijatovog automobila, koja se planira naredne godine, gde italijanski partner namerava da uloži oko 800 miliona evra


U uvodnom izlaganju na srpsko-italijanskom forumu "Mogućnosti za investiranje u Srbiju", na kojem učestvuju predstavnici više od 100 kompanija iz Italije u oblasti proizvodnje auto delova, Dinkić je pozvao italijanske privrednike da ulažu i u druge grane privrede i učestvuju u izgradnji infrastrukture u Srbiji. Dinkić je preneo da će na poziv potpredsednika "Fijat grupe" Serđa Markionea, predsednik Srbije Boris Tadić i on 13. novembra boraviti u Torinu, gde će im predstavnici Fijata pokazati novi model automobila, koji će se proizvoditi u Kragujevcu. Govoreći pred italijanskom delegacijom privrednika, koju predvodi zamenik ministra za ekonomski razvoj zadužen za međunarodnu trgovinsku razmenu Adolfo Urso, Dinkić je rekao da će italijanski dobavljači imati komparativnu prednost u Srbiji ako se odluče da ovde stacioniraju svoje fabrike, jer će moći da bez carine izvoze na tržište od više od 800 miliona ljudi.
Dinkić je objasnio da Srbija, zahvaljujući sporazumu CEFTA, bez carine izvozi na tržišta bivših jugoslovenskih republika, a zahvaljujući sporazumima o slobodnoj trgovini isti tretman imaju i srpski privrednici koji izvoze u Rusiju, Tursku i Belorusiju.
"Srbija trenutno ima četiri bescarinkske zone, u kojima strane firme mogu da posluju pod povoljnim uslovima", podsetio je Dinkić i dodao da upravo danas skupština Kragujevca odlučuje o otvaranju bescarinske zone, a Niš, Šabac i Kraljevo su izrazili želju da to isto učine.
"Prema zvaničnoj statistici, Italija je treći po značaju spoljnotrgovinski partner Srbije sa ukupnom razmenom od 3,3 milijarde dolara u 2008. godini, sa investicijama italijanskih firmi od preko milijardu evra, koje će biti uskoro duplirane zahvaljujući 'Fijatu', " naveo je Dinkić i napomenu da u Srbiji posluje oko 200 italijanskih firmi koje zapošljavaju 18.000 ljudi i maju godišnji obrt od oko 2,5 milijarde evra.
Dinkić je istakao i da se kriza u Srbiji stabilizovala, pri čemu se oporavak očekuje u četvrtom kvartalu ove godine, a u 2010. godini, po oceni Vlade Srbije i MMF-a očekuje se blagi rast BDP-a od 1,5 odsto.



Škundrić: Neće biti privatizacije EPS-a

Ministar energetike Srbije Petar Škundrić izjavio je danas da neće biti privatizacije Elektroprivrede Srbije (EPS)

"Država mora ostati većinsti vlasnik EPS-a jer je to najveće nacionanlno blago kojim Srbija raspolaže", kazao je on novinarima na Naftnom forumu Energetske zajednice jugoistočne Evrope.

Škudrić je najavio "određeno restruktuiranje" EPS-a i promenu vlasničkog udela kroz izgradnju novih termoelektrana i kapaciteta na osnovu strateškog patnerstva.

"I kada bismo hteli da privatizujemo EPS, bilo bi besmisleno da se to uradi sada kada Srbija ima najnižu cenu struje u regionu i kada bi podizanje cene za jedan evrocent podiglo vrednost te kompanije za milijardu evra", naveo je ministar.

Škundrić je kazao i da će raspodela besplatnih akcija Elektroprivrede Srbije ići u skladu sa restruktuiranjem te kompanije.

Ministar je ocenio da nije bilo realno obećanje da će građani dobiti po 1.000 evra od besplatnih akcija javnih preduzeća jer objektivno toliko kaptala u javnoj svojini nema, osim ako se ne proda sve.



Produžen rok za kupovinu HI Župa

Rok za dostavljanje konačnih, obavezujućih, ponuda za kupovinu 70 odsto kapitala hemijske industrije (HI) Župa produžen je i ističe 16. oktobra, objavila je Agencija za privatizaciju.



Serbia Likely To Succeed in Drafting Public Sector Reform in Time for IMF Arrival

Serbia will manage to draft a comprehensive reform of the public sector in time for the arrival of an International Monetary Fund (IMF) mission in the capital Belgrade next month which will review the country’s performance under its aid deal with the lender and decide whether to disburse further tranches totalling 1.4 billion euro ($2.0 billion), local analysts said.

Contrarians, however, argue the country should not be borrowing from the IMF because this type of relationship undermines its independence.

The IMF has agreed to a rise in Serbia's 2009 budget deficit forecast to 4.5% of the projected gross domestic product (GDP) from the 3.0% set initially under the two-year 3.0 billion euro loan deal signed in March, and to a freeze in taxes, salaries and pensions in 2010 in exchange for an overhaul of the public sector.

In its report on Serbia’s public spending released last week, the World Bank said pensions account for the biggest chunk of the country’s public outlays at around one third.

Serbia will lay off 10,000 public sector workers by the end of the year, Economy Minister Mladjan Dinkic said earlier this month, adding that ministers that fail to cut staff will be fined 1.0 million dinars ($15,869/10,726 euro) each.

The IMF decided earlier this month to delay until October the completion of its second review of the aid arrangement, tying the release of the combined second and third tranches to the findings of the upcoming mission.

In May, Serbia received the first tranche under the loan deal, totalling some 800 million euro.

Three analysts polled by SeeNews issued the following comments on the IMF deal and Belgrade’s efforts to retrench public spending:

JURIJ BAJEC, ANALYST ADVISOR TO PRIME MINISTER MIRKO CVETKOVIC:

“These reforms are related to the labour law and affect people employed in the public sector. Some standards will have to be set and it should be made clear why people are being made redundant at this or that local municipal administration.”


“Cutting the number of employees, slashing other spending items in the budget, changing the labour law, these are all things that are being figured out right now. I absolutely believe this will be done because the IMF has not completely broken off its talks with Serbia. The dialogue will simply be resumed and then finalised which is when Serbia will receive its second and third tranche. I believe this [spend-curbing] programme will be credible enough and that the IMF will approve it. There are no specific figures related to the programme to talk about as of yet as work on them is still in progress.”

DUSKO VASILJEVIC, ECONOMIST WITH SERBIAN THINK-TANK CEVES:

“It seems to me the most important thing is that there is finally political will to fulfill the conditions set by the IMF. A consensus has been reached between the various ministries and everyone is aware that [cutting public spending] is crucial. Because it isn’t just the IMF funds that are at stake, but also loans from the European Bank for Reconstruction and Development and other lenders.”

“The level of salaries will remain the same, but what will change is the number of employed people. It is difficult to lay people off at present because the procedure is so complicated that there is a slew of conditions that need to be met before someone is let go, and they can sue the government over wrongful dismissal. But there is a drive now to change this.”

“On the revenue side, as Value Added Tax [currently at 18%] will remain intact this year, it will have to be raised next year, because I just don’t see a way for the government to close a [budget] gap equal to 4.5% of projected GDP. Serbia will have to continue slashing the funding for some major infrastructure projects in 2010. This year, infrastructure funding was lowered to 3.5% of GDP from 5.0% in 2008.”

“The IMF has changed its approach towards Serbia and is no longer as strict as it was in 1998 when it had extremely rigid requirements. It is more flexible now.”

“Salaries in the public sector and pensions will be frozen, which means that, if not nominally, they will go down in real terms due to inflation.”

MILOJE KANJEVAC, HEAD OF BELGRADE-BASED MARKETING research INSTITUTE IZIT:

“We don’t need the IMF telling us that we need to reform our public sector and that our bureaucracy is bloated. We know that ourselves. Debt is a fair-weather friend. We lose our independence when we agree on terms set by an external agency.”

“As for the reform of the public sector – I don’t see how it will be done. No one [in the government] has come out with anything resembling a strategy.”



Serbia Sells 2.0 Bln Dinars (21.5 Mln Euro) in 6-mo T-bills
Serbia’s Finance Ministry said on Thursday it sold out its 2.0 billion dinar ($31.6 million/21.5 million euro) offer of six-month Treasury bills.

The average accepted price in the auction was equal to 94% of par and the accepted interest rate was 12.03%, the ministry said in a statement.

The ministry sold 200,000 T-bills with a nominal value of 10,000 dinars each. The government securities will mature on March 25, 2010.


In the previous auction of six-month T-bills held on September 17 the ministry also sold its entire offer of 2.0 billion dinars worth of government securities at an annual interest rate of 12.03%.

Serbia holds scheduled auctions of six-month T-bills every week on Thursdays and of three-month T-bills on Tuesdays. It started holding auctions of 12-month T-bills last month in a bid to narrow the yawning budget gap.

The next auctions of three-month and six-month T-bills will be held on September 29 and October 1, respectively.


Ten Tons of Fruit for Russia every Day

Every day, refrigerators carry more tan ten tons of the best-quality fruit to Russia from villages of the Municipality of Topola. They will continue to do that as long as there are sufficient quantities of fruit, which yielded well this year. ‘At the moment, peaches, apples, and plums are exported the most’, said Slobodan Stankovic, fruit producer from Vinca village. ‘They pay 35 euro cents for one kilo of peaches, while the price of apples ranges between 20 and 30 eurocents. We expect that we will start with deliveries of greater quantity of Class A apples to the Russian market in the following months, said Stankovic.



Agrarian Registration Approaching

The last overall register of agriculture on the territory of Serbia was carried out in 1960. Serbia must repeat the registration so as to become the EU member country. The upcoming registration will be discussed at today’s seminar that is to be held in Centar Sava in Belgrade, as announced yesterday by the Republic Statistical Office. The goal of the seminar called ‘Toward the agrarian registration in the Republic of Serbia’ is to introduce the public with planned and already performed activities that should contribute to harmonization of agrarian statistics with the European and international standards and recommendations. Within those activities, the approaching registration of agriculture will be the most important topic, as announced in the statement.



NIS Monopoly Not to Be Extended

As of beginning of 2011 Serbian oil derivatives’ market will cease to be partly closed, stated yesterday the Minister of Mining and Energy yesterday and stressed that there weren’t ongoing negotiations on the extension of that deadline. – We are entering technical preparations for creating conditions in order for all distributors of oil derivatives to be forced to fulfill cernatin conditions in order to be allowed to operate when the market is fully liberalized – stressed Skundric. He said that Serbia doesn’t have a completely closed market at the moment, because there are more foreign companies in Serbia then in the regional countries.



Free Zone in Kragujevac

Kragujevac City Assembly yesterday expressed a positive opinion on justifiability of establishing a free zone on the territory of this city. Free zone is envisaged by the Contract on Joint Investment of the Government of Serbia and Italian Fiat Company in car production. The request was submitted by the business association ‘Free Zone FAS’, which was founded by Fiat Cars Serbia. Director of Free Zone FAS is Giovanni de Filippis, who is also the Director of Fiat Cars Serbia. It was said in the request that the opinion of local community is necessary in order to get the approval of the Government of Serbia for setting the borders of the free zone. Free zone should stretch along the locations of Zastava Cars Factory, Zastava Spare Parts, and Koroman Polje. It was assessed on the session of the City Assembly that the Free Zone in Kragujevac will attract foreign capital, as well as the production of goods and services, new jobs, and the latest technologies’ transfer.



Conditions for the Third Refinery

Today, public enterprise Transnafta is to sign a Memorandum of Intentions with Comico Oil Company that is interested in building new oil refinery in Smederevo, it was confirmed yesterday for Politika daily by Bratislav Ceperkovic, the Chairman of the Managing Board of Transnafta. ‘This is actually letter of intentions that will be signed with the investor, and which will allow the extension of the oil pipeline route from Pancevo to Smederevo so as to provide easier and safer oil supplies’, explained Ceperkovic. Asked on weather Serbia needs yet another oil refinery having in mind that NIS capacities are not fully used, Ceperkovic said that new refinery in Smederevo could be built prior to completion of modernization of available capacities in Pancevo. In addition, in only two-year period, Serbia would obtain the best-equipped refinery than compared to surrounding countries, with the reefing capacity of around 4 mn tons a year.



New Securities Law To Increase Traded Volume

Deputy Finance Minister, Zorica Dunovic told Tanjug that the goal of the draft bill on securities market is to solve the problems on domestic market, accelerate the transaction process, and increase the trade volume. She announced that they will have to pass new laws and at the same time to amend some laws currently in effect. Dunovic stressed that the Law on Securities market should be passed together with the Law on Business associations, and this is probably to happen in the beginning of 2010. During the break in the discussion on the draft bill on securities market, which was held in Belgrade Stock Exchange (BSE) in organization of the Securities Commission and US Agency for International Development (USAID), Dunovic reminded of the fact that one year ago, the Finance Ministry went in public with the first Draft bill on securities. ‘We received lots of comments, mostly from financial institutions’, said she. Dunovic added that legal entities did not submit their comments.



Serbian Export Via Constance – 1.5 mn Tons of Goods

In eight months 2009, Serbia exported 1.5 mn tons of goods via the Romanian Port Constance. Out of this, 719,000 tons were cereals, said Port Constance General Manager, Ioan Balan. According to data submitted to media representatives, this year’s amount of goods exported from Serbia via Port Constance (the Black Sea) is by 37.2 pct higher than in the last year, when the total turnover stood at 942,145 tons. This year, cereal turnover increased by 300 pct’, said Balan at the opening of the International Conference of Constance Day. Balan stressed that the Port Constance is one of the biggest ports for cargo traffic. ‘The goal is to modernize the port and improve roads and the railway, which will shorten the transit duration’. Ionel Constantin, proxy at the Romanian Embassy in Belgrade, said that Serbia and Romania have good business cooperation. In 2008, overall commodity exchange stood at more than USD 1 bn, which is by 39 pct more than in 2007.



Serbia, Italy ink declaration on boosting economic ties

Deputy Prime Minister and Minister of Economy and Regional Development Mladjan Dinkic and Italian Deputy Minister for Economic Development Adolfo Urso, in charge of international trade, signed today a joint declaration on boosting economic cooperation with the emphasis on the car industry. The goal of the deleration is to support the arrival of Italian car partrs producer in Serbia, which would fovemnt investments, stated Dinkic after the signing.



Matroz Finds Buyer

After seven attempts to sell Mitrovica-based Matroz, the Privatization Agency might have interested buyers who are ready to take the cellulose and paper factory completely, stated for Tanjug news agency the president of Municipality Council of Independent Trade Unions in Sremska Mitrovica Stevan Romakov. He reminded that the Privatization Agency previously proposed for Matroz production complex, taking up 45 hectares, to be divided in technology sectors and sold part by part. The factory’s complex is composed of the following facilities: cellulose, paper, korohumus, printing office and administration. During the insolvency procedure, the company sold office space and retails in the city, as well as construction machinery and vehicles from the factory.



Deadline for the Purchase of CI Zupa Extended

The deadline for the submission of final, binding offers for the purchase of a 70% stake in Chemical Industry Zupa has been extended and will expire on October 16, the Privatization Agency announced. The fourth tender for the sale of Zupa from Krusevac was invited in February this year. The deadline for the purchase of documentation was extended three times, and this is the second extension of the deadline for the submission of offers. The potential buyer, whose reps have visited the company on a number of occasions, is very serious, Zupa reps claim. Zupa expects the buyer to submit the necessary documentation within the deadline. The tender documentation was bought by Plima Holding from Krusevac.



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