VUJOVIC: Privatization of ’’Telekom’' quite certain

(Dusan Vujovic) Minister of Economy Dusan Vujovic stated today that the Government tends not to reduce pensions, and added that public companies have to decrease expenses and increase business efficiency.

- I expect minimization of negative social effects, which influence the demand and people’s mood, as well. There are plenty of painful steps we have to make. Apart from all the attempts, it is almost impossible to avoid certain restrictions – said Mister of Economy for Radio Television of Serbia (RTS).

Our aim is to lower the needs for reduction of salaries and pensions, searching for a way to save and possibly make positive permanent effects on budget, worth hundreds of million euros, in order to reduce painful steps. – said Vujovic.

Vujovic announced introduction of Law on Insolvency, Privatization and Incentives in July, noting privatization of ’’Telekom’’ as certain to occur.

- These laws would help us deal with 170 companies in restructuring which have been waiting for a solution for years. The Law will offer fast, efficient, transparent procedures and solutions for the companies, whether to be privatized or insolvent, says Minister.

According to him, there will be two different types of insolvency.

- The first one is a way of recovery and way out of insolvency if a company has partners or investors. The other type involves companies without recovery opportunity. In such cases a social program would be offered to workers and then the companies would go into insolvency procedure which further leads to bankruptcy or liquidation – says Vujovic.

As he added, investors show interest knowing Serbia decisively moves forward to change economic atmosphere.