Serbia's First Deputy Prime Minister Aleksandar Vucic said that the government's objective is to create a healthy and sustainable economy, and confirmed that the reform of the pension system will be completed by the end of winter.

At a business luncheon organised by AmCham in Belgrade's Hyatt Hotel, Vucic said that a change of the awareness is the key condition for reforms that need to be carried out, all with a view to creating a healthy and sustainable economy.

Some difficult and painful cuts will have to be made but we aim to create a healthy and sustainable economy, and our approach would be embodied in the creation of a healthy system, with a healthy approach, he said.

This is why we need to carry out the reforms in various sectors of social life as a whole, and especially in economy, Vucic said.

He noted that this will call for a new labour law, and a new law on planning and construction, as well as a reform in the pension system which should be completed by the end of winter.

Vucic reiterated that the Serbian government needs to create a healthy system, with a healthy business that makes money.

Consequently a number of reforms will be carried ot, he said, adding that the planned tax cuts will stimulate employment .

According to Vucic, at the same time we should abolish unnecessary bureaucratic procedures, provide transparency of the public administration and the electronic monitoring of cases, conduct an overall reform of the public administration and the private sector and encourage the development of small and medium-sized enterprises.

It is essential to complete the process as soon as possible, he stressed.

He pointed out that the youth employment will be a priority and that the Serbian government is ready to listen to ideas of AmCham in this regard.

The First Deputy Prime Minister pointed out that fiscal reform is particularly important, which will include progressive taxation and zero tolerance for tax defaulters, with the very important role of the judiciary.

I expect significant results, he stressed, adding that all who come to Serbia to invest in the future will encounter political stability, power, energy, spirit and desire for change.

We will lose everything if we do not get modernised, he said noting that modernisation will certainly be expensive, but it will also be the best remedy for our country and our people. I hope that we will implement reforms by the New Year, or by the end of the winter, he stressed. Government

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SERBIA plans reform of pension system by year end