World Bank provides USD 500 mil to Serbia for budget and reforms – First portion of money available in early 2014

The World Bank will approve a loan of USD 500 mil for the support of budget and help to the Government to conduct reforms. The first loan package totaling USD 250 mil could be approved already in February or March 2014 for the first stage of reforms, Ellen Goldstein, the World Bank's country director for the Western Balkans announced on Wednesday (November 13, 2013).

- To ensure continuity in reforms, we were planning additional funds in the upcoming stages but after we make sure about the regularity of moves and serious attitude towards the reforms in the first stage – Goldstein explained in her announcement for B92 TV.

She was specific that the support for Serbian budget means that there will be funds for reimbursement, the unemployed and funding of different programs which will enable those who lose their jobs to find different ones or to prequalify.
Goldstein expects that the World Bank will, by mid January next year, be able to estimate whether Serbia took all the necessary steps so that the funds would be approved.

- We need to see clear legislation framework which will enable company restructuring, The Government first has to send suggestion of the amendments to the Law on privatization and bankruptcy for voting at the Assembly. That is a key thing - Goldstein pointed out.

- It is also important that the Government continues with plans for every individual company in restructuring, starting from bigger and more important. Since the Government is already working on it, we expect that in January or February we will be able to estimate whether they are on the right track. For the time being, everything is telling us that they are. I think that then, in February or March, we will be able to approve the funds - World Bank Western Balkans director was specific.

Svetska Banka-WB Beograd

Vlada Republike Srbije

Ellen Goldstein

World Bank loan

budget of Serbia

budget 2014

unemployment

reimbursement

prequalification

support to the unemployed

restructuring

Law on privatization and bankruptcy

bankruptcy