Serbia and Montenegro: World Bank supports more efficient, effective pension system.

0 Comments | M2 Presswire, June, 2005

M2 PRESSWIRE-1 June 2005-WORLD BANK: Serbia and Montenegro: World Bank supports more efficient, effective pension system(C)1994-2005 M2 COMMUNICATIONS LTD RDATE:01062005 Washington - The World Bank's Board yesterday approved a US$25 million project to support reforms of the pension system in Serbia.

The Consolidated Collection and Pension Administration Reform Project will help to modernize Serbia's pension system administration, along with making it more efficient and effective. With a deficit of 7 of GDP, the Serbian pay-as-you-go (PAYGO) pension system is imposing a significant burden on the Government's fiscal accounts. The system is operated through three separate pension funds: the Employees' Fund, the Fund for the Self-Employed, and the Farmers'...