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The Government of the Republic of Serbia

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Serbian delegation meets with IMF, World Bank representatives

Belgrade/Washington, 24 April 2006

Governor of the National Bank of Serbia Radovan Jelasic who leads the Serbian delegation at the spring meeting of the World Bank and the International Monetary Fund (IMF) in Washington will talk with Director of IMF's European Department Michael Deppler and First Deputy Managing Director of IMF Anne Krueger.

Radovan Jelasic

Author: Tanjug

Jelasic said in a statement to Voice of America that Serbia's new arrangement with IMF depends on a review which this financial institution should make during May, noting that it is important to fulfill obligations regarding the restructuring and privatisation of large companies, especially of the Oil Industry of Serbia (NIS).

The visit of IMF delegation late next month will be of crucial importance, when the first review of the so-called post-programme monitoring will be carried out, as well as a review of the micro economic situation, the governor said.

On the basis of that, in late May or early June it will be clear whether IMF wants to enter another arrangement with Serbia.

According to Jelasic, IMF believes that it is important that Serbia brings additional restrictive measures, not only in the monetary, but in the fiscal sphere as well.

During yesterday's talks with World Bank representatives, Jelasic called for accelerated release of funds which the World Bank approved for projects in Serbia.

According to Jelasic, World Bank representatives said that it would be very good that Serbia enters a new arrangement with IMF, both because of its programmes and the relations with the Bank.

Jelasic stressed that World Bank representatives also said that it would be very good to complete the process of restructuring of large public companies in 2006, especially of the Electric Power Industry of Serbia (EPS) and NIS.

Speaking about the release of funds, Jelasic said that World Bank representatives regret the fact that over $100 million have remained unreleased, although these loans were ratified more than two years ago.

The Governor of the National Bank of Serbia will also speak in Washington with representatives of the US Treasury Department and the Department of State about the general economic situation and the state of reforms in Serbia-Montenegro.