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The opening of the regional office of the American Development Bank (DFC) in Belgrade certainly marked last week. In an interview with Kurir, Finance Minister Siniša Mali explains why this event was marked as historic from the point of view of Serbia’s foreign policy, but also revolutionary from the point of view of the consequences for the national economy . Mali, in addition to the details of the difficult negotiations within the White House, also reveals to us why he is convinced that the agreement between the Serbian and American parties will be sacred writing.
After the meetings with the DFC representatives, he was very satisfied. What are the three key things that Serbia gained with the arrival of this institution in Belgrade?
– Three key things are the new guarantee scheme, then support for micro, small and medium-sized enterprises and an incentive for US investors to come to Serbia. Regarding the guarantee scheme, I will remind you that after the outbreak of the coronavirus pandemic, we created a guarantee scheme with commercial banks, and that so far our companies have already withdrawn funds worth 1.3 billion euros. We hope that the guarantee scheme agreed with DFC will be even more favorable. Next week we will continue the meetings in which we will finalize those agreements. In addition to the aforementioned guarantee scheme, they insist on providing a special line for micro, small and medium-sized companies, that is, for their further development. That is one of our absolute priorities, because they are the backbone of the national economy. Furthermore, DFC wants to support American investors to come to Serbia. The opening of its office in Belgrade is just a good sign for other investors.
You announced that we will feel the first effects of the opening of the DFC office in November. When you say that, what do you expect and in what areas?
– According to the representatives of the DFC and other institutions that visited Serbia, the plan is to receive concrete proposals for a guarantee and support scheme for micro and small enterprises by the end of next week. If these proposals are acceptable, with possible minor corrections, we can begin to adopt the necessary documents relatively quickly. I will remind you that the approval of the budget for 2021 awaits us in November. If we agree to the DFC in the meantime, we hope that all other agreements, if necessary, will be ratified by the Assembly. After that, the implementation of all programs will start immediately.
The question remains how much money and under what conditions the DFC will allocate for the development of Serbian companies. Did you get an offer?
– Billions of euros are in question, we have received confirmation of that. So we still don’t know the exact amount, because a lot depends on us and our projects, as well as our companies, but it is certainly a huge amount of money. Americans, as you have seen, are very fast and efficient. Just two and a half weeks after the signing of the Washington Agreement, the DFC office has already opened in Belgrade, so I believe that we will soon reach more concrete agreements.
Grenel often attended meetings in Belgrade on behalf of Trump. You had the opportunity to be in the White House, now your interlocutor is John Jovanovic, director of the DFC office. How are the Americans in the negotiations?
– I spent part of my education in the United States and also gained part of my work experience there, so I know very well how difficult it is to negotiate with Americans. Such were the negotiations in Washington, difficult, with a lot of pressure, with a lot of things that had to be resolved in a relatively short period of time. The most important thing, and what is valid for us Serbs, as well as for Americans, is that after difficult conversations, what we agree on is the Holy Scriptures. And as you can see, we have already started to finalize that agreement, which speaks volumes about the seriousness of both parties when it comes to negotiations. Right now, we already have a DFC office open in Belgrade, we already have conversations about specific projects, the guarantee scheme, the infrastructure development … It shows the seriousness of both parties and I am glad to have been part of that process and of having been part of it. a historic moment in Washington.
What impression did Trump leave on you?
– Too strong. You can see that he is a very energetic person, as well as that he is very direct. Trump understood in the right way how it is possible to help the region and put the emphasis on the economy. The agreement will contribute to the development of all the Western Balkans: investments will be made in infrastructure and new jobs will be created, which is important not only for Serbia but for the entire region.
Regarding the “Serbia 2025” program, which you also presented to the DFC representatives, what projects might they be interested in?
– As you know, there is already a point of the agreement in which it is said that we will work with DFC on the so-called project. the peace highway from Nis to Pristina, as well as the railways from Nis to Merdar and from Nis to Pristina. So all these projects are already in the “Serbia 2025” program. This is what has been agreed so far, and we believe that in the coming weeks we will agree on other major infrastructure projects, in which you have already shown interest.
How do you respond to critics, like Djilas, who opposed billions of DFCs, but also the road from Nis to Pristina and the rail connection with Albania? Djilas says that this is how Serbia gets into additional debt.
– The infrastructure projects on which we will work in cooperation with the American Development Bank should contribute to the well-being of the entire region, that is, of all citizens and, above all, citizens of Serbia. As you know, we are the dominant and largest economy in the Western Balkans, but also in the entire region. Serbia will invest as much money as there is interest in the growth of this region, and I believe that we have an interest and that our economy will benefit the most from the further development and openness of the entire region. As for Djilas, I think that when such serious issues are questioned, words should not be wasted on him. Wherever you are not and do not see your personal interest, you are, of course, against it. On the other hand, he is obviously running out of money, so he would like to return to power and pour the state money of the citizens of Serbia into his own pockets. Not only will we not allow him to do that, but we will continue to fight for a free and economically stable Serbia and an economically strong region, despite people like him.
Many also saw the arrival of the DFC as a US restriction on the economic influence of Russia and China on the Serbian economy. What do you say to that and can this agreement jeopardize contracted or future projects with the Russians and the Chinese?
– As President Vučić has repeatedly mentioned, we are always guided by the interests of our country and citizens, therefore, in the coronavirus pandemic, Serbia has shown that it is one of the most stable countries not only in Europe but in the world. With us you do not have massive layoffs or factory closures, as happens in countries much more developed than us, and that is exactly how we have shown how stable and secure we are. We have a historic low unemployment rate of 7.3 percent in the second quarter of this year, and the latest data for July shows that the median salary exceeded 510 euros for the first time. All of this shows the correctness of our economic policy, and of course there is great interest not only from investors in the United States and China, but also from investors around the world. Guided by the interests of the citizens of Serbia, we work with everyone who is interested in working with us in the right way, on projects that make sense to the citizens. So we are fully open and of course we continue to work with both Chinese companies and US companies. The arrival of DFC is sure to be a great symbol and signal for even more American companies to come. As you know, our biggest investors are the EU countries, so the diversification of countries and companies that come to Serbia gives us the opportunity to overcome any crisis more easily.
ON THE NEW MINISTERIAL MANDATE
I would like to continue working on the projects started.
Does this latest adventure of bringing DFC to Belgrade mean that you have obtained a new mandate for the Minister of Finance?
– I think it is the least important, but of course I would be happy to continue working on some important projects that we have started. We have done a great job, especially since the beginning of the coronavirus pandemic, our public finances remain stable and that is the most important thing for me at this time.
Kurir.rs/ Interviewed by Ivana Kljajić Photo: Zorana Jevtić
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