Serbia's New Finance Minister Unveils Reform Plan

Serbia's new Finance Minister, Dusan Vujovic, has presented a plan for the country's economic revival, based on stricter control of public spending, the fight against the "grey" economy, better rates of tax collection and reducing the costs of public companies.

"It will take us three years to get back on the road of sustainable deficit and sustainable debt,” Vujovic told Serbia's public broadcaster on August 4.

He said that Serbia could not fulfill its plan without the support of the International Monetary Fund, IMF, and that the government plans to sign a three-year agreement with the fund in September.

The IMF agreement is expected just after Serbia adopts a revised budget, which the government is planning to prepare by the end of August and lay before parliament by September 15.

Dusan Vujovic was approved as the new Serbian finance minister in parliament on August 4, after Lazar Krstic resigned from the post on July 12.

Vujovic previously served as economy minister, since the new government was formed in April.

Vujovic was born in the town of Pozarevac in 1951. He obtained his PhD at the Belgrade Faculty of Economics, where he also later worked as assistant professor. Vujovic attended post-doctoral studies at the University of California, Berkeley.

He is a long-time associate of the World Bank and was engaged in training the staff of economy ministries in East European countries in transition, the former Soviet Union, China and Vietnam.

Vujovic also worked as representative of Serbia and Montenegro in the World Bank’s Board of Governors, led a Bank’s programme in Ukraine and was the Bank’s chief economist for Europe and Central Asia.

Since 2011 he has worked as a consultant of the World Bank...