Serbian Finance Minister Sinisa Mali said on Wednesday that by formulating a €5.1 billion set of economic measures designed to save jobs, reduce losses and boost liquidity, the state wanted to bear the brunt of the crisis caused by the coronavirus pandemic.

Explaining the government’s key measures, Mali told the RTS public broadcaster that the state was strong enough to help the economic sector weather the crisis with as few consequences as possible.

The amount in question makes up 50% of the annual budget or 11 percent of the country’s GDP, Mali said, adding that the measures were designed to save jobs and encourage businesses not to lay off workers as well as support the national economy and liquidity as much as possible.

Around 900,000 people will receive the minimum pay from the state, Mali said, adding that the state would pay companies three minimum wages per employee in the amount of 750 euros after May 1.

The condition for state aid is that businesses accept the state aid programme scheme and that they have not laid off more than 10% of their workforce after the state of emergency was declared on March 15.

One of the most frequent demands by businesses is that they be exempt from paying contributions on wages so that they can pay net wages, which, Mali said, would cost the state €1.3 billion of budgetary funds, while €2.2 billion is to be set aside for loans to the business sector and to maintain liquidity.

In order to boost optimism and consumption, the state also plans to pay €100 into the accounts of all Serbian citizens above the age of 18 after the state of emergency ends.