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A:
Arrangement with IMF signed
Belgrade,
20 November 2014
Minister of Finance Dusan Vujovic said that Serbia and the International Monetary Fund (IMF) signed a three-year precautionary arrangement worth nearly €1 billion.
At the closing press conference in the Serbian government building, Vujovic said that the €1 billion loan can be used, if needed, to strenghten foreign currency reserves.
The arrangement will take effect from 1 January 2015, and the Serbian government now has all the elements required to plan next year's budget, he said.
Under the deal with the IMF, the budget deficit should be cut to 4-4.25% of GDP, or about €1.3-1.4 billion in the next three-year period, Vujovic said.
Implementation and monitoring of the execution of the measures will be conducted on a quarterly basis, with very precisely defined monitoring measures, ranging from macroeconomic stability measures and fiscal execution to other measures selected by the Serbian government itself and implemented pursuant to agreements with the IMF, Vujovic said.
The objective of all those measures is to steer the country to sustainable growth and development and reduce unemployment, Vujovic said.
The arrangement will take effect from 1 January 2015, and the Serbian government now has all the elements required to plan next year's budget, he said.
Under the deal with the IMF, the budget deficit should be cut to 4-4.25% of GDP, or about €1.3-1.4 billion in the next three-year period, Vujovic said.
Implementation and monitoring of the execution of the measures will be conducted on a quarterly basis, with very precisely defined monitoring measures, ranging from macroeconomic stability measures and fiscal execution to other measures selected by the Serbian government itself and implemented pursuant to agreements with the IMF, Vujovic said.
The objective of all those measures is to steer the country to sustainable growth and development and reduce unemployment, Vujovic said.
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