Serbia and Montenegro: Consolidated Collection and Pension Administration Reform Project

WASHINGTON, May 31, 2005 - The following project was approved today by the World Bank’s Board of Executive Directors:

IDA CREDIT AMOUNT: US$25 million

TERMS:   Grace period = 10 years; Maturity = 20 years

PROJECT DESCRIPTION: The project aims to develop the framework for the consolidation of collection of all social contributions and, if feasible, personal income taxes, and to improve the effectiveness and efficiency of the pension system. Under the project, the existing three pension funds will be consolidated into one, which would lead to lower costs of pension system administration. For more information, please call Miriam Van Dyck at (202) 458-2931, or email: mvandyck@worldbank.org.For project information documents, visit: http://web.worldbank.org/external/projects/main?pagePK=104231&piPK=73230&theSitePK=40941&menuPK=228424&Projectid=P090418