The drafting of the Economic Reform Program for the next three years has been completed, News
The eighth cycle of drafting the Economic Reform Program (ERP) for the period from 2022 to 2024 has been completed within the set deadline and will be submitted to the European Commission by January 31. The Government of the Republic of Serbia previously adopted this document on January 20.
“As in previous cycles, the document provides an overview of macroeconomic, fiscal and monetary policy, stating that economic policy in the Republic of Serbia has provided an adequate response to the crisis caused by the coronavirus pandemic, which was contributed by previously achieved macroeconomic stability. “Fiscal policy has provided a comprehensive package of measures that provided assistance to the economy and the population and whose positive effects are reflected in macroeconomic indicators,” the Ministry of Finance said in a statement.
It is added that the prolonged duration of the unfavorable epidemic situation in 2021 conditioned another, significant amount of aid to the economy and the population, in order to provide conditions for complete recovery and economic growth with mass vaccination of the population and bringing the epidemic under control.
ERP 2022-2024, in line with European Commission guidelines, provides an overview of the main structural challenges for competitiveness, as well as sustainable and inclusive growth at the central level organized in thirteen areas, to provide a broad overview of socio-economic challenges: finance, green transition, digital transformation, business environment and gray economy reduction, research, development and innovation, economic integration reforms, energy market reforms, transport market reforms, agriculture, industry and services, education and skills, employment and labor market, social protection and inclusion and health care systems “, the ministry explains.
It was also pointed out that three key challenges have been identified within the mentioned areas, which makes them a priority and implies a clear commitment to solving them at the highest level in the next three years, namely:
- Increasing employment, especially of young people, and aligning qualifications with labor market needs
- Improving the business environment more favorable for investments
- More efficient use of energy with further opening of the energy market
“Implementation of the reforms identified in the document is important both for improving competitiveness, encouraging new jobs and facilitating social inclusion, and for meeting the economic criteria in the process of joining the European Union,” the statement said.
In 2018, the Government of the Republic of Serbia appointed the Minister of Finance, Siniša Mali, as the national coordinator and head of the Working Group for the development and monitoring of the implementation of the ERP. The Ministry of Finance, the Republic Secretariat for Public Policies, the National Bank of Serbia, as well as numerous members of the interdepartmental Working Group for drafting and monitoring the implementation of the ERA participate in the drafting of the document.
The ERP 2022-2024 will be discussed with representatives of European institutions in the first half of 2022, after which the framework of economic dialogue will be adopted at the meeting of the EU Economic and Financial Affairs Council (ECOFIN Council) and new joint recommendations for the Western Balkans and Turkey.