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Republic of Serbia Economic and Structural Reform Challenges and Achievements Mladjan Dinkic, Minister of Finance November, 2005 www.mfin.sr.gov.yu.

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Presentation on theme: "Republic of Serbia Economic and Structural Reform Challenges and Achievements Mladjan Dinkic, Minister of Finance November, 2005 www.mfin.sr.gov.yu."— Presentation transcript:

1 Republic of Serbia Economic and Structural Reform Challenges and Achievements Mladjan Dinkic, Minister of Finance November, 2005

2 GDP per Capita (current USD) and Real Growth Rates Estimated growth of GDP for the first half of 2005 is 6,1%

3 Budget Balance, in % of GDP

4 Monthly Inflation Rate, February 1994 – September 2005

5 Official Reserves, in USD mil., January 1994 – September 2005

6 Official Reserves relative to Real Money Supply (M1) February 1994 – September 2005

7 Official and Gross Reserves relative to Monthly Imports

8 Citizens’ New Savings (in EUR billion)

9 Credit Portfolio of Banking Sector (in EUR billion)

10 Serbia: Exports in USD mill. January August 2005

11 Foreign Trade Deficit and Current Account Deficit (millions of USD and % of GDP)

12 Regulatory Activity – Laws Adopted by the Parliament Total Number of Laws Financial Laws included in Total Adopted in Adopted in Adopted in Adopted in In Procedure guaranties and counter-guaranties issued Laws on restructuring old debts – London Club, Loan for Rehabilitation, government debt to NBS – adopted

13 Privatization Results September 2005 TendersAuctionsShare FundTotal Enterprises offered: 901, ,237 Enterprises Sold: 501, ,631 Success Rate: 56%79%61%73% Employees in Sold Enterprises: 45,736112,22469,060227,020 Selling Price (in 000 EUR): 874,870534,546279,2931,688,708 Total Investments (in 000 EUR): 750,228141,8095,902897,939 Social Program (in 000 EUR): 272,441--

14 Foreign Direct Investments (USD mil.)

15 Public Debt: Total and Foreign (% of GDP)

16 Public debt Significantly lowered external debt –Paris Club –London Club –Foreign debt/GDP dropped to 55% in 2004, down from 169% in 2000 S&P credit rating (B+/Stable/B) in November 2004, upgrade (BB- /Stable/B) in July 2005 Fitch credit rating (BB-/Stable/B) in May 2005 Total foreign debt US$6.6bln, of which: Paris Club US$ 2.59bln London Club US$1.08bln IBRD US$2.20bln Total domestic debt US$4.7bln FX Bonds US$4.27bln

17 FFC Bonds yields Note: Secondary market rates (in Euro) based on BSE closing price

18 T-bill discount rates

19 Interest Rates on Long-term Housing Loans (per annum)


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