Your Excellencies, distinguished members of the Yugoslav delegation, ladies and gentlemen, I am extremely pleased to represent the Stability Pact on this most important day for Yugoslavia, for Southeastern Europe and for our international community. Allow me to express our appreciation to the World Bank and the European Commission for their excellent organization of this meeting. What we hope to accomplish today is fundamental, to re-establish firm links between Yugoslavia and the international economic community. We now have the prospect to bring an end to the long economic slide that has brought so much pain to the people of Yugoslavia. We need to give them with the necessary tools to begin their long journey back to peace and prosperity. While this will not be an easy process, I am confident of their success. The bold and brave decisions of yesterday and the many other difficult actions that the Yugoslav and Serbian governments have taken since the great events of last fall reflect a determination to learn from the past and look to the future. Witnessing the intelligence, enthusiasm, and youth of the Yugoslav presenters this morning should re-inforce our optimism despite the harsh reality of the current economic numbers and near term demands.

The Federal Republic of Yugoslavia is an absolutely essential element in the effort to establish a dynamic regional process in South Eastern Europe to produce economic development, healthy democracy and security for all countries of the region. When we began our operations two years ago, Milosevic's Yugoslavia could not be one of our partners. We did our best to deal with this most significant absence, working with opposition led cities and towns, supporting the democratic media and encouraging other Stability Pact elements to help their counterparts in the opposition. We are particularly pleased that so many of the brave people who were with us at that time have now assumed senior positions in the leadership of a new democratic Yugoslavia. We salute you and wish to offer as much moral and practical support as possible to help meet the great challenges before you.

The new Government of Yugoslavia has been one of the most active forces promoting the regional activities of the Stability Pact. It has assembled a very impressive team that is playing a strong role in our democracy, economic and security working tables. Yugoslavia is a critical participant in the Regional Initiative on Free Trade and the Agenda for Regional Action on Returns of Displaced Persons that were signed here in Brussels two days ago under Stability Pact sponsorship. Indeed, since Yugoslavia became a full member of the Stability Pact in Bucharest last October, it has been a model regional partner. The entire region is starting to benefit from this new cooperative spirit.

I am confident that the support and generosity of the donor community today will allow us to assist the improving relationships between Yugoslavia and its neighbors. After so much tragedy during the past decade, needs are considerable. Allow me also to remind donors of the Stability Pact's strong interest in getting support for regional projects not covered by this conference, such as projects to support economic reconstruction, democracy, the free media, the fight against crime and corruption, the return and integration of refugees and displaced persons. We will be seeking support for such regional activity, with the full inclusion of Yugoslavia, as we prepare for the second Regional Conference in Bucharest in October.

The Stability Pact's overall goal has been to help bring all the countries of the region closer to Euro and Euro-Atlantic institutions. We have stressed that being a strong supporter of regional cooperation is a must be a condition for closer relationships and eventual membership in these institutions. It certainly must not be seen as an alternative or as a consultation prize to broader integration.