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UAE loan will not affect public debt

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The approx. 1 bln dollar loan Serbia will get from the United Arab Emirates Development Fund will not lead to an increase of the public debt, Finance Minister Dusan Vujovic said Monday.

Speaking to reporters at the 16th Serbian Economic Summit, he said the loan was aimed at supporting the budget through funding the deficit, refinancing due liabilities and reducing the costs of loans.

The average interest rate will be 2.25 pct, saving 40-50 mln dollars, he said.

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Over the past five to six years, Serbia has been taking unfavourable loans, but the risks are lower now, Vujovic said, adding that the funds would become available in December or January.

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