Kosovo, number of businesses going bankrupt rising

Kosovo, number of businesses going bankrupt rising

Pristina, 11 December 2015/Independent Balkan News Agency

By Elton Tota

This year too, the rising trend of businesses being shut down in Kosovo continues. 1,235 businesses have been shut until September this year, 11 more than the same period a year ago. This was reported by the Central Bank of Kosovo.

The report also points out that businesses in Kosovo are facing many difficulties, starting with high electricity charges or power cuts without any warning, high interests, customs fees and inefficient tax policies.

Representatives of the business community say that the fact that the number of businesses that have gone bankrupt this year must be a cause for concern for the government of Kosovo.

Safet Gerxhaliu, head of the Kosovo Chamber of Kosovo, says that the business environment in Kosovo doesn’t help development and perspective.

“The main reason for businesses going bankrupt relates to the lack of the rule of law, high interest rates on loans, falling purchasing power and competition”, Gerxhaliu says.

According to him, there must be new alternatives of long term low interest loans for the business.

“Otherwise, the future of Kosovo will be gloomy and if there’s no economic development, there cannot be economic and stability”, he said.

According to the Central Bank of Kosovo report, this year there have been 2,157 new thousand trading businesses, 776 production businesses, 772 hospitality businesses and 675 agricultural businesses./ibna/