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Economic News Briefs

Two Balkans reconstruction summits on July 28-30.

More than one hundred leaders from the most powerful countries in the world and representatives of international financial institutions attended the first Kosovo donors conference held in Brussels on July 28, where they agreed to collect EUR300 million in emergency humanitarian aid by the end of this year. Over the next several days, leaders of South-East European countries will met in Sarajevo at a conference on the regional Stability Pact. They will be joined on July 30 by the heads of state or government of 39 countries and officials of 17 international organizations. The South-East Europe Stability Pact, put together by Germany and signed by members of the Group of Eight on July 10 in Cologne, includes provisions for financial aid in the form of a mini-Marshall Plan to facilitate and speed up democratization and consolidate mutual economic ties between the countries of the region, along with perspectives for swift amalgamation with the EU. Britain, France, Italy, and Germany, which have their own military sectors in Kosovo, meanwhile drafted a message for Serbia, informing the country it will be allowed to get closer to Europe upon carrying out democratization, sources close to the office of the French president claim.

Draft of final document of Sarajevo summit urges FRY to join neighbors.

A draft of the final document of the Stability Pact summit being held in Sarajevo that will be debated by the signatories on July 30, calls on Yugoslavia to become "a fully-fledged and equal member of the Pact as soon as it begins to adhere to the pact's principles and aims. To bring Yugoslavia closer to this goal and at the same time respects its sovereignty and territorial integrity, we will debate ways to enable Kosovo and Montenegro to establish closer ties with the Pact, thus confirming our backing to all democratic forces," the document says.

Kosovo urgently needs EUR1.2 billion.

The World Bank and the EU said in Brussels on July 26, that meeting the basic humanitarian needs of Kosovo, particularly its refugees, requires EUR1.2 billion in aid. World Bank representative for southeastern Europe Rory O'Sullivan told reporters after returning for Kosovo that the goal of the international donors conference held in Brussels on July 28 was to collect at least that much, after which a donors conference would be held in October to collect money for the reconstruction of Kosovo's infrastructure and the province's economic revival. The bulk of the humanitarian aid, EUR1.115 billion, would be used for rebuilding homes and apartments, EUR20 million would serve to finance education, EUR7 million would go to provide heating, EUR10 million for repairs to the power grid, and EUR5 million would be used to repair the water pipes and facilities.

U.S. willing to dish out up to US$500 million for Kosovo.

U.S. National Security Advisor Samuel Berger said on July 26, that the U.S. would at the July 28 donors conference in Brussels pledge to provide up to US$500 million in additional humanitarian aid to Kosovo if the other donors confirm they will give their share. At a Washington seminar organized by the Council for International Relations, Berger specified that the scope of U.S. would depend on when damage assessments are completed, adding that the Europeans would give "the lion's share." The EU has said that it would earmark EUR145 million for humanitarian issues by the end of the year, and has already approved EUR500 million from the EU budget for long-term reconstruction. The Japanese government has expressed readiness to donate more than US$200 million in aid to Kosovo and other countries in the region.

No aid for heating.

The EU said on July 26, that the U.S. administration had prevented it from completing its "energy for democracy" plan, which was initiated by Greece and the Netherlands, and would provide aid for repairs to heating and electric power systems and fuel for cities run by the opposition. Heating plants were among the targets bombed by NATO in its recent bombing campaign. Belgrade, a city with many high-rise apartment buildings which lack independent heating equipment, had a heating plant seriously damaged that provides heating to more than a million people.

Milosevic must leave before U.S. aid starts to arrive.

Yugoslavia President Slobodan Milosevic has shown no intention of starting down the road of democracy nor of leaving power, which are conditions for Serbia receiving international aid for reconstruction, U.S. Secretary of State Madeleine Albright said at an APEC meeting on July 25. Meanwhile, the U.S. will continue to back the government of Montenegro, Albright said, describing the government as a "model of democracy."

EIB to invest EUR174.4 million in Balkans reconstruction.

Evald Novotni, the new vice president of the European Investment Bank who takes office on Sept. 1, said in Vienna on July 26, that the European investment arm would invest EUR174.4 million in rebuilding the Balkans. Novotni said he does not expect any problems in financing regional reconstruction, adding that the Balkans would be unstable as long as Serbia does not join the international reconstruction program. He said the reconstruction program should focus on preparations for this winter and clearing the Danube waterway. In a July 24 interview with Duetschlandradio, EIB vice president Wolfgang Roth repeated this, adding that aid should go to "democratic cities" in Serbia to encourage people to oust President Milosevic, and that funds should be provided for the reconstruction of bridges over the Danube River (which Europe once financed).

Russia to independently finance FRY reconstruction says official.

Russian Finance Minister Mikhail Kasyanov announced on July 27, that Russia would, independently of the World Bank which is coordinating financial aid for Yugoslavia, soon begin to finance the reconstruction of infrastructure damaged in NATO's bombing campaign. In the first phase, the government will approve a loan of US$150 million for shipments of equipment for Yugoslavia's power production and distribution system. During an official visit to the U.S., Russian Prime Minister Sergei Stepashin said these funds were included in the budget as early as last winter, denying allegations from his American hosts that Moscow was taking a loan from the World Bank and giving a large credit to FRY. At the Brussels donors conference, the Americans urged Moscow to "freeze" until further notice its decision to give Yugoslavia the loan to avoid the consequences such a move could have on the signing of multi-billion financial agreements with the U.S. Komersant, a leading Moscow newspaper, on July 22 quoted Russian Economy Minister Andrei Shapovalliants as saying the government had adopted a decree on rescheduling Yugoslavia's US$150 million debt.

British companies to visit Kosovo this week.

Representatives of Britain's power companies National Grid PLC, PowerGen PLC, Scottish & Southern PLC will visit Kosovo this week to see what needs to be done to repair power distribution systems in the province, the Office of Commerce and Industry in London said on July 26. Over 600 British companies will participate in the reconstruction of Kosovo.

EUR20 million required to make Danube navigable.

Construction of temporary bridges and cleaning up the Danube River to make it navigable will require EUR90 million, experts of the Danube Commission concluded following a four-day tour of the river. Cleaning up the waterway requires EUR14 million, construction of a temporary rail and road bridge in Novi Sad EUR10 million, while the remaining EUR63 million would be used for rebuilding and repairs to damaged and destroyed bridges, the Danube Commission confirmed in Budapest on July 27. Yugoslav transportation expert Dejan Drobnjakovic, who met with members of the commission on July 23, conditioned efforts to enable ships to use the Danube again with financing for the reconstruction of the damaged and destroyed bridges. A day before, the Yugoslav government hinted that it might demand the lifting of the international sanctions against Yugoslavia before it allows the Danube to be cleared of debris.

Zastava to repair truck, other plants.

The Zastava Group will on its own within the next 45 days restart production at its Zastava-Iveco plant, as its Italian partner is respecting the ban on investment in Yugoslavia, Zastava manager Milan Beko said on July 26. Zastava has also asked KFOR headquarters to organize a meeting with the Kosovo Albanians on restarting production at the Ramiz Sadiku plant in Pec which has in its possession the only truck body presses in the Balkans. Meanwhile, Zastava signed contracts with six companies (construction contractors, glass makers, a metal processors) worth a combined 47 million dinars (US$4.3 million), for repairs to Zastava main construction hall. The government has already given the company 40 million dinars (US$3.6 million), which should be enough for the production of 4,500 cars this year. Zastava, which was devastated by NATO's bombardment, is Yugoslavia's only automaker.

Independent economists say repaired bridge will not survive winter.

Group 17, an independent association of economists, says that alleged repairs to the Beska bridge on the E-47 highway is a propaganda trick as the bridge will not be able to survive this winter. "The pontoon bridge at Mijatovac (on the same road) has already been carried away by the river," representatives of the group said. In June, when it say that it would not be receive any money for reconstruction, the Yugoslav government initiated a propaganda campaign claiming the country would be able to rebuild itself single-handed.

Montenegro, Muslim-Croat federation upgrade cooperation.

The Muslim-Croat federation in Bosnia and Montenegro are prepared to upgrade bilateral cooperation, particularly in the fields of energy production, metal processing, aluminum production, transport, and tourism, the two governments' negotiating teams said in Sarajevo on July 22.

Government cancels restrictive export provisions.

On July 22, the Yugoslav government repealed a decree requiring that exporters sell between five and 50 percent of the foreign currency revenues to the Central Bank at the official exchange rate (half the black market rate).

Montenegro to take over airports.

The Montenegro government adopted a decree on July 22 that forms the public-sector company Aerodromi Crne Gore which should manage the airports in Tivat, Podgorica, Berane, and Zabljak. Montenegrin Transport Minister Jusuf Kalamperovic said the same day that by taking over the airports in Podgorica and Tivat, the Montenegrin government has annulled a Serbian government decision to make Yugoslav Airlines a Serbian public-sector company, automatically giving it ownership of all the airports in Montenegro.

Montenegro drafting currency regulations.

The Montenegrin government is preparing a bill on introducing its own, convertible currency that would be based on a currency board, said Steve Hanke, economic advisor to Montenegrin President Milo Djukanovic in a July 22 interview with The Financial Times of London. The Montenegrin convertible dinar, which would be pegged to the German mark, would be backed by currency reserves in the Bank for International Settlements in Switzerland, which has frozen US$600 million in Yugoslav assets. The new currency could go into circulation in October or November regardless of the outcome of negotiations between the two Yugoslav republic on new relations within the Yugoslav federation.

Wheat yield at 2.1 million tons.

This year's wheat harvest in Yugoslavia is 94 percent complete, while the remainder will probably not be harvested because of excessive humidity. A total of 2,146,000 tons was grown on 704,000 hectares, but nothing is know of the 250,000 tons of wheat expected in Kosovo. The average yield was 3.5 tons per hectare, but its quality was is poorer than expected because of large quantities of rain this summer. There will be enough wheat for the domestic market, but it remains uncertain whether there will be any exportable surplus, Milan Prostran, Agricultural Secretary at the Yugoslav Chamber of Commerce, said. In the early '90s, some 900,000 hectares were typically seeded with wheat, giving an average yield of 4.7 tons per hectare.

(Beta)
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