MILOSAVLJEVIĆ: Debts of market chains to be paid before July

(Slobodan Milosavljević)

The Minister of Trade and Services, Slobodan Milosavljević, told Tanjug that the major share of mutual debts of market chains and suppliers, in amount of about 7 billion RSD, would be paid in July 2009 at the latest.

Milosavljević recommended to independent trade stores to adapt to the market terms and be more creative in offering their services, in order to be able to overcome the crisis successfully. Based on the data provided by the Credit Worthiness Center of the National Bank of Serbia, total mutual debts of market chains and suppliers amount to 7 billion RSD, and Milosavljević agreed that it was a lot, but not enormously.

Milosavljević reminded that the largest market chains in Serbia had monthly turnover of 30 to 90m EUR (about 9.4 billion RSD) and the possibility of use of cheaper loans.

- The use of cheaper loans for liquidity, with the state's subvention, is one of the way for settlement of that debt - he pointed out and expressed belief that the major share of those debts would be repaid in June or July, and that normal cycle would be established.

Milosavljević reminded that Prime Minister Mirko Cvetković had scheduled the meeting about ten days before, which had been attended by the representatives of the largest trade companies in Serbia, ministers of finance and economy, as well as several large suppliers, and added that the epilogue of that meeting was the promise made by the largest market chains that all debts would be paid by the end of June.

- That deadline for payments is different is ranges between 15 to 30 days for daily consumer goods and 120, 150 and more days for the products that are less avaiable to the buyers and those with strongly decelerated turnover in the current situation - Milosavljević explained.

Milosavljević pointed to positive examples, such as market chains "Metro" and "Interex", which do not owe anything to suppliers. The Minister also said that most of 105,000 registered trade companies and independent stores in Serbia were in very difficult situation because of the crisis.