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World Bank Document Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No. 46671 -YF INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT PROGRAM DOCUMENT FOR A PROPOSED LOAN IN THE AMOUNT OF EURO 34.9 MILLION (US$50 MILLION EQUIVALENT) Public Disclosure Authorized TO REPUBLIC OF SERBIA FOR PROGRAMMATIC PRIVATE AND FINANCIAL Public Disclosure Authorized DEVELOPMENT POLICY LOAN February 4,2009 Finance and Private Sector Development (ECSPF) South East Europe Country Unit (ECCU4) Europe and Central Asia (ECA) This document has a restricted distribution and may be used by recipients only in the performance oftheir official duties. Its contents may not otherwise be disclosed without World Public Disclosure Authorized Bank authorization. REPUBLIC OF SERBIA - GOVERNMENTFISCAL YEAR January 1 - December 31 CURRENCY EQUIVALENTS (Exchange Rate Effective as ofJanuary 13,2009) Currency Unit Serbian Dinar RSD 1.00 US$0.02 US$l.OO RSD 69.4 Metric System ABBREVIATION AND ACRONYMS (As applicable, plus others) ALMP Active Labor Market Programs BSA Bankruptcy Supervisory Agency BSC Bank Supervision Committee BSE Belgrade Stock Exchange BSL Budget System Law CAD Current Account Deficit CAMEL Capital, Assets, Management, Earnings, and Liquidity CAS Country Assistance Strategy CEA Country Environmental Analysis CFAA Country Financial Accountability Assessment CTR Commission for the Protection of Tenderers' Rights DDOR DDOR Novi Sad (Serbia's 2ndlargest insurance company) DF Development Fund DFID UK Department for International Development DIA Deposit Insurance Agency DPL Development Policy Loan EAR European Agency for Reconstruction EBRD European Bank for Reconstruction and Development ECA Europe and Central Asia EMS Electricity Transmission Company EO1 Expression of Interest EPS Elektroprivreda Srbije (Serbia's national electric power utility) EPP Employment Promotion Project ESW Economic Sector Work EU European Union FA Financial Advisor FAU Fiduciary Assessment Update FDI Foreign Direct Investments FSN Financial Sector Note FY World Bank Fiscal Year GDP Gross Domestic Product GNP Gross National Product FOR OFFICIAL USE ONLY GoS Government of Serbia HIPC Heavily Indebted Poor Countries IBRD International Bank for Reconstruction and Development ICA Investment Climate Assessment IDA International Development Association IFC International Finance Corporation IMF International Monetary Fund IPFMA Integrated Public Finance Management Assessment IPO Initial Public Offering JSA Joint Staff Assessment JSC Joint Stock Company LDP Letter of Development Policy LLC Limited Liability Corporation MOI Ministry of Infrastructure MDGs Millennium Development Goals MME Ministry of Mining and Energy MoESP Ministry of Environment and Spatial Planning MOLSP Ministry of Labor and Social Policy MOERD Ministry of Economy and Regional Development MOF Ministry of Finance MOH Ministry of Health MOP Materijalno Obezbedjenje Porodice (Material Support to Families) MSEP Ministry of Science MTEF Medium-Term Expenditure Framework MTPL Motor Third Party Liability MTS Modernized Treasury System NBFI Non-Bank Financial Institutions NBS National Bank of Serbia NES National Employment Service NIS Naftna Industrija Srbije (State Oil Company) NMICS National Mortgage Insurance Corporation of Serbia NPL Non-performing Loans PA Privatization Agency PEIR Public Expenditure Institutional Review PFDPL Programmatic Private and Financial Development Policy Loan PFM Public Financial Management PHRD Japan Policy and Human Resources Development Trust Fund PIER Public Expenditure and Institutional Review PLC Paris London Club PPFDPC- 1 First Programmatic Private and Financial Development Policy Credit PPL Public Procurement Law PPO Public Procurement Office PRSP Poverty Reduction Strategy Paper PSN Private Sector Note ROSC Report on the Observance of Standards and Codes This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not be otherwise disclosed without World Bank authorization. RSD Serbian Dinar SAA Stabilization and Association Agreement SA1 State Audit Institution SAC Structural Adjustment Credit SAP Stabilization and Association Process SBA Stand-By Arrangement SBRA Serbian Business Registers Agency SDP Supervisory Development Plan SDR Special Drawing Rights SEM Serbia Economic Memorandum SIDA Swedish International Development Cooperation Agency SME Small and Medium Enterprises SP Social Program SPA Sale and Purchase Agreement SOB State-Owned Banks SOE Socially-Owned Enterprise TF Transition Fund TPL Third Party Liabilities UNDP United Nations Development Program USAID United States Agency for International Development USD or US$ United States Dollar ZTP Zeleznicko Transportno Preduzece - Belgrade Rail Company Vice President: Shigeo Katsu Country Director: Jane Annitage Sector Director: Fernando Montes-Negret Sector Manager: Lalit Raina Task Team Leader: Irina Astrakhan REPUBLIC OF SERBIA PROGRAMMATIC PRIVATE AND FINANCIALDEVELOPMENT POLICY LOAN TABLEOF CONTENTS LOAN AND PROGRAM SUMMARY ............................................................................. i I. INTRODUCTION................................................................................................... 1 Recent Economic Developments In Serbia ............................................................... 2 I1. THE GOVERNMENT’S PROGRAM .................................................................. 8 I11. BANK SUPPORT TO THE GOVERNMENT’S STRATEGY .......................... 11 Link To Cas ............................................................................................................... 11 Collaboration With The Imf And Other Donors ....................................................... 11 RELATIONSHIP TO OTHER BANK OPERATIONS ............................................ 12 Lessons Learned ........................................................................................................ 13 .. Analytical Underpinnings .......................................................................................... 15 IV. THE PROPOSED PROGRAMMATIC PRIVATE AND FINANCIAL DEVELOPMENT POLICY LOAN .................................................................................. 16 Operation Description ............................................................................................... 16 Policy Areas .............................................................................................................. 17 V . OPERATION IMPLEMENTATION ................................................................... 41 Poverty And Social Impacts ...................................................................................... 41 Implementation, Monitoring And Evaluation ........................................................... 44 Fiduciary Aspects ...................................................................................................... 44 Disbursement And Auditing...................................................................................... 45 Environmental Aspects ............................................................................................. 46 Risks And Risk Mitigation ........................................................................................ 48 VI. ANNEXES ................................................................................................................ 50 Annex 1: PFDPL Policy Matrix ................................................................................ 50 Annex 2: Letter of Development Policy.................................................................... 56 Annex 3: IMF Press Release ..................................................................................... 67 Annex 4: Map (IBRD 34847) .................................................................................... 71 The Programmatic Private and Financial Development Policy Loan (PFDPL) was prepared by an IBRD team consisting of Irina Astrakhan (Task Team Leader). Alexander Pankov. Itzhak Goldberg. Aurora Ferrari. John Pollner. Andrej Popovic (ECSPF); Aleksandar Crnomarkovic (ECSPS). Eugene Gurenko (FPDSN); Bjorn Hamso. (ECSIE); Arvo Kuddo (ECSHD); Tijen Arin (ECSSD); Ardo Hansson. Ronald Hood. Lazar Sestovic (ECSPE); Siew Chai Ting (ECSPS); Dominique Bichara (LEGEM); and Nicholay Chistyakov (LOAFC) . LOAN AND PROGRAM SUMMARY REPUBLIC OF SERBIA PRIVATE AND FINANCIALDEVELOPMENT POLICY LOAN Borrower Republic of Serbia Implementing The Ministry of Finance (MOF) of the Republic of Serbia will be responsible Agency for overall implementation of the proposed operation. Other key ministries and agencies responsible for the implementation of the operation will include: the Ministry of Economy and Regional Development (MOERD), Ministry of Mining and Energy (MME), Ministry of Infrastructure (MOI), Privatization Agency (PA), Deposit Insurance Agency (DIA), National Bank of Serbia (NBS), Elektroprivreda Srbije (EPS), and Naftna Industrija Srbije (NIS). IBRD loan Financing Terms: TBD Data Amount: Euro 34.9 million (US$50 million equivalent) Operation The proposed Programmatic Private and Financial Development Policy Loan Type (PFDPL) is the first in a series of three programmatic Development Policy Loans (DPLs) designed to support a multi-year program of assistance to the Republic of Serbia to address key institution building and reform challenges in both private and financial sectors. The full IBRD loan is expected to be withdrawn in a single tranche
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