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The Government of the Republic of Serbia

In the service of citizens

Progress of reforms agreed on with IMF

Belgrade, 23 October 2023

Deputy Prime Minister and Minister of Finance Sinisa Mali met today with a delegation of the International Monetary Fund (IMF) led by Donal McGettigan, as part of the second review of the stand-by arrangement approved for Serbia in December of last year.

At a meeting at the Ministry of Finance, Mali presented Serbia's economic results so far and the progress of the agreed reforms, and informed the IMF delegation that Serbia's budget for 2024 is ready and that the debate in the Parliament on this law begins today.

We are liquid and on the right track, regularly fulfilling all our obligations. Energy and the restructuring of the EPS remain key in further reforms, but we are also reforming the tax administration and adhering to all fiscal rules. The effects of everything we have done are enormous, the Deputy Prime Minister stated.

McGettigan assessed that Serbia's progress is evident, and noted that the budget talks were very successful and completed in a very short time.

All the structural goals we had in the program have been fulfilled so far. In that regard Serbia is on the right track, in terms of fulfilling all the agreed goals and obligations within the current arrangement, he said.

McGettigan also praised the "Iskra" system, the central information system for calculating the wages of all employees in the public sector, in which 296,000 people will be included in two months, and at the same time said that they will work together to continue the further implementation of the system that brings order to this segment.

On 19 October the mission of the Monetary Fund began its official visit to Serbia, which will last until 31 October. At the end of last year, this international financial institution granted our country a two-year stand-by arrangement worth approximately €2.4 billion. The arrangement supports Serbia's agreed-upon economic programme.