Mr. K hler noted that despite the progress being made, improvement still are required to enhance the investment climate and promote the expansion of small businesses. The EBRD is the largest investor in the private sector in FYR Macedonia. MEB will provide account management, money transfers, loans and cashless payment transactions to small businesses and individuals. After three years, the bank intends to have seven branches. It will have an initial equity holding of 2.3 million euros.
Funding is provided largely by the Dutch and German governments.
The first responsibility of the new tax inspectors will be to inform owners of large establishments of their tax obligations. The sales tax will be equal to 15 per cent of the taxable value of all goods. The latest agreement was signed during Prime Minister Vujanovic's current visit. By March the Romanian parliament should pass a 2000 budget and resolve issues regarding salary policy. The IMF does not support the Romanian government's recent decision to raise army salaries by 80 percent.