New law on inspection oversight to be passed by June

WASHINGTON - As part of the arrangement with the International Monetary Fund (IMF), the Serbian government has pledged to adopt in June a new law on inspection oversight aimed at reducing grey economy and corruption.

As part of the Memorandum of Economic and Financial Policies for 2015-2017 released on the IMF website, the government also pledged to pass the law on wages of state employees (pay grades), which the parliament should adopt by mid October so it could come into force as of January 2016 with a certain transitional period.

June is also the deadline for setting up a comprehensive registry of public sector employees, including the local level and the state-owned enterprises.

Amendments to the Law on Public-Private Partnership should be introduced by June, and the Law on Payments in Commercial Transactions is also set to undergo certain changes.

A comprehensive strategy to address the NPL overhang is expected to be launched in June and September is the deadline for completion of special diagnostic studies of banks operating in Serbia aimed at determining possible shortcomings in the financial sector.