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IMF praises Serbia’s successes, resilience of Serbian economy

Belgrade, 26 March 2024

The Ministry of Finance stated that the Mission of the International Monetary Fund (IMF) completed the third review of the current stand-by arrangement which Serbia has with that international financial institution.

The IMF's assessment, during the talks that lasted from 14 to 26 March, is that the Serbian economy is resilient, that it records growth recovery, a high inflow of foreign direct investment, a solid fiscal position, a reduction in inflation, record high foreign exchange reserves and a strong labour market.

The IMF also praised the progress in the field of structural reforms.

Agreement on this was reached at the technical level, and the official adoption of these conclusions by the IMF Executive Board is expected in June.

Although Serbia will be able to withdraw an additional €400 million after approval by the IMF Executive Board, Deputy Prime Minister and Minister of Finance Sinisa Mali confirmed that, taking into account the record high foreign exchange reserves and fiscal "buffers", Serbia will not withdraw these funds and will treat the rest of the available funds as a precautionary regime.

The IMF report states that the development plan "Leap into the Future - Serbia 2027" envisages a large increase in investments in public infrastructure, and that good fiscal management and medium-term investment planning are of key importance.

Mali stated that IMF representatives understood how important it is for our country and citizens to implement the "Leap into the Future - Serbia 2027" plan.