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The Government of the Republic of Serbia

In the service of citizens

IMF approves stand-by arrangement to Serbia

Belgrade, 20 December 2022

Belgrade, 20 Dec 2022 – Deputy Prime Minister and Minister of Finance Sinisa Mali said today that the official confirmation of the Board of Executive Directors of the International Monetary Fund (IMF) on the approval of the previously agreed stand-by arrangement for Serbia is excellent news for us and represents the continuity of our country's cooperation with this important international institution.

Mali assessed that such a decision of the board, which arrived from Washington, was expected after two weeks of talks with IMF experts in Belgrade, during which they were convinced of the state of Serbian public finances and our determination to bring the reforms to an end.

During the IMF Mission in October, it was agreed to replace the current Instrument for Policy Coordination with a two-year stand-by arrangement with a total value of around €2.4 billion, of which part of the funds will be directed to mitigating the consequences of the crisis, and part will serve as a measure precautions, in case of further economic disturbances, he recalled.

At the beginning of November, after the end of the visit to Serbia, the IMF assessed that Serbia achieved outstanding results during the duration of the covid crisis, but that it was followed by a new crisis caused by energy instability, and that is why a new arrangement is important.