Serbia gets a special spending control fund for money from the Emirates?

Aleksandar Vucic (Photo: Mc.rs)

The First Deputy Prime Minister Aleksandar Vučić said that either a special fund would be established for control of spending money that would arrive from the Emirates, or the control would be performed by the existing Development Fund.

He explained that there are a number of loans that Serbia would receive from the Emirates under extremely favourable conditions, with a very low annual interest rate, a grace period and return period.

As a guest at “Prva televizija” TV channel, he stated that half of the loans from Abu Dhabi Fund for Development, amounting to total of USD 400 million, will be invested in agriculture.

- We receive this loan under 2.5% interest rate - says Vučić and adds that he expects an arrangement would be made where the interest rate is less than 1%, and hopes that it will be 0.5%, with a five year grace period, for a 20-year period.

He says that the second loan relates to the special decision by Sheikh Mohammad which states that by the end of the year Serbia will receive one billion dollars:

- This loan will partly serve to repay the most expensive loans, and another part will be “injected” into the economy.

With one part of the loan, USD 500 million, we will repay the heaviest loans, so that in 2015 we could reduce fiscal deficit by 0.25%. We will invest the other USD 500 million into our agriculture, under full control, so that it could not be spent on yachts and air planes - said Vučić.

He also added that he hopes that this loan will amount to two or three billion dollars by the end of the next year.

When asked how the Emirates are “indebted” to him, considering how willing they are to support Serbia, Vučić replied:

- Probably because I have never asked for anything for myself or the party from Sheikh Mohammed.

Translation provided by: www.halifax-translation.com