Kosovo: ORA demands the return of EUR 1 billion to Kosovo

ORA demands the return of EUR 1 billion to Kosovo Print
Monday, 02 February 2009
ImageReformist Party ORA has asked the Kosovo Government to work for the return of around EUR1 billion so they can be a basis for the creation of a Development Fund of Kosovo.

The financial assets in question belong to PTK, over EUR 200 million; Pensional Trust Fund assets with EUR 350 million invested but with heavy losses due to the current global economic crisis; and privatization earnings of around EUR 400 million.

"At the time when world economies have been hit by the financial crisis and in economic recession, Kosovo would create a capital so far inactive. In our economy that capital would create new jobs and reduce poverty," said ORA officials.

The same suggested the establishment of an agrarian bank which would also be financed from the development fund under special conditions and with minimal interest to help agricultural production.

Kosovo does not yet have a securities law, which was cited by the International Civilian Representative Pieter Faith as the reason not to bring the money back. Another reason given was the safety of the money in Kosovo, although the Kosovo banks so far have not been touched by the financial crisis. Kosovo investors face high interest rates.