Monday, 10 April 2006

48th sitting of the Finance Committee

At its forty-eighth sitting, held on 10 April 2006, the Finance Committee of the National Assembly of the Republic of Serbia discussed Bills on the provision of counter-guarantees of the Republic of Serbia in principle and in particular.



At its forty-eighth sitting, held on 10 April 2006, the Finance Committee of the National Assembly of the Republic of Serbia discussed Bills on the provision of counter-guarantees of the Republic of Serbia in principle and in particular.

Five amendments were submitted to the Bill on the Provision of Counter-Guarantees of the Republic of Serbia to Serbia and Montenegro for a Loan made by the European Bank for Reconstruction and Development for Reconstruction of a Section of the Belgrade – Novi Sad Motorway; none were adopted for the Finance Committee.

No amendments were submitted to the Bill on the Provision of Counter-Guarantees of the Republic of Serbia to Serbia and Montenegro for a Loan made by the European Investment Bank for a School Improvement Project and the Bill on the Provision of Counter-Guarantees of the Republic of Serbia to Serbia and Montenegro for an International Development Association Loan for the Development of an Irrigation and Drainage Rehabilitation Project for Serbia.

The Finance Committee did not adopt five amendments submitted to the Bill on the Provision of Counter-Guarantees of the Republic of Serbia to Serbia and Montenegro for an International Development Association Loan (Serbia and Montenegro – Project for Serbia); another five amendments submitted to the Bill on the Provision of Counter-Guarantees of the Republic of Serbia to Serbia and Montenegro for an International Development Association Loan for a Consolidated Collection and Pension Administration Reform Project were also not adopted.

Deputies submitted five amendments each to the Bill on the Provision of Counter-Guarantees of the Republic of Serbia to Serbia and Montenegro for an International Development Association Loan for Structural Adjustment of the Serbian Economy and the Bill on the Provision of Counter-Guarantees of the Republic of Serbia to Serbia and Montenegro for an International Development Association Loan for Structural Adjustment of the Serbian Economy (Second Loan); the Finance Committee adopted none.

The Committee did not adopt four amendments submitted to the Bill on the Provision of Counter-Guarantees of the Republic of Serbia to Serbia and Montenegro for an International Development Association Loan for a Programmatic Private and Financial Development Policy, or six amendments submitted by deputies to the Bill on the Provision of Counter-Guarantees of the Republic of Serbia to the German Financial Organisation KfW for a Loan Granted to the Serbian National Power Generation Corporation to Fund a Mining Equipment Acquisition Project for the Tamnava – Zapadno Polje Coal Mine.

Having discussed the Bill Amending and Modifying the Mining Act, Committee members resolved to submit an amendment to Art. 16 of the Bill. This article stipulates that 60% of funds obtained from fees for extracting mineral ores should be considered Republic revenues, while 40% should be considered revenues of the municipality where the ore is extracted. When ore is extracted on the territory of an autonomous province, under Art. 16(3), 40% of the funds should be considered Republic revenues, while 60% should be considered revenue of the autonomous province.

The Finance Committee proposed that the revenue should be divided 50-50; furthermore, the Republic should retain its 50%, while the remaining 50% should be paid into the budget of the local self-government body in question.

At today’s sitting, the Finance Committee adopted the proposal of the Socialist Party of Serbia Deputies’ Group to nominate Rajko Peric, holder of an MA in Economics, for membership on the Council of the State Audit Institution.

The Committee also resolved for a Finance Committee Working Group to draft the decision on the appointment of an external auditor for the final balance of the 2005 Budget of the Republic of Serbia.

The sitting was attended by the Minister of Finance, Mladjan Dinkic, and his associates, and chaired by Radojko Obradovic, the Committee’s vice-chairman.


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