Finance Minister Sinisa Mali said the opening of Chapter 4 was another confirmation of the success of economic reforms in Serbia.
Mali said that there could be no talk of free movement of capital and reform of the financial market if public finances had not been stabilized and fiscal consolidation had not been completed, noting that all macroeconomic indicators show that the most difficult measures are behind us.
He added that the improvement of the capital market is a measure of the overall improvement of the economic environment. Chapter 4 will be the sixth open of eight chapters in the area of ​​finance, said Mali at a meeting of the Assembly Finance Committee, adding that benchmarks for the remaining two chapters are being worked out to meet the requirements for opening them as soon as possible. According to him, the two chapters relate to the protection of competition in tax or excise policy.
“This is a great recognition for our country and for the citizens of Serbia. What has been decisive for the opening of Chapter 4 is that we have adopted both the Investment Funds Law and the Alternative Funds Law this year. We are going to pass laws that will contribute to further development of capital markets”, said Mali for B92.
“There are a number of laws and by-laws that we have adopted that are aimed at preventing money laundering and terrorist financing. We have become an example of a country that successfully addresses these challenges through legal solutions”, said Mali, recalling that it is a great success removing our country from the so-called “gray list” of the FATF. He specified that it was Chapter 16, which refers to taxes or excise policy, and Chapter 8, which refers to the protection of competition. He also pointed out that we have become an example of a country that successfully addresses these challenges and is thus addressing legal solutions. We are moving towards the European Union in the areas of finance, the financial market, the economy and we have achieved great results. This opening of the chapter is another confirmation of the success of our economic policy.
At the Committee meeting, which discussed the Draft Budgetary Accounts Bill from 2002 to 2018, the Minister said that through a transparent process, the public was introduced to how the money had been spent in the past, thus establishing a good budget after 17 years practice.
“The final accounts are important because citizens see how the planned funds have been spent, it is a matter of transparency and good budgetary practice, to adopt a final account after the budget is adopted, to see how the public funds were spent”, he said. He added that next year, along with the Budget Bill, a Final bill will be found.
The Minister informed the deputies that an analysis of the spending of money from 2002 to the present was prepared, and that it was noticed that after the turbulent period and the economic crisis in 2008, as well as the problems from 2011 to 2013, there was a gradual stabilization, which is reflected in the reduction of public debt and the growth of revenues. “The 2002 budget revenue plan was 2.8 billion euros and 9.97 billion euros in 2018. So, the economy is growing and the budget is growing, of course, we are also spending more. Our commitment is that in addition to increasing salaries and pensions, we are going to invest even more, to build new roads, new bridges, tunnels, that is why we have planned the National Investment Plan and we will not give up on that”, Mali concluded.
