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The Government of the Republic of Serbia

In the service of citizens

Serbia receives support from IMF to continue reforms

Belgrade, 6 May 2026

The Ministry of Finance stated that one of the conclusions announced today by the delegation of the International Monetary Fund (IMF) Mission, which completed its visit to Serbia, is that the country’s strong protective mechanisms – moderate public debt, high foreign exchange reserves and a stable banking system – provide a solid basis for addressing repeated shocks.

First Deputy Prime Minister and Minister of Finance Siniša Mali assessed the visit of the IMF Mission as very important, because Serbia received support from a renowned international financial institution to continue reforms and maintain existing macroeconomic results.

Mali said that the talks with the IMF have been completed, and the published positions are confirmation that Serbia is on the right track, that the country’s economic policy measures in the crisis years have been recognised as adequate and encouraging for further economic growth, despite all current world events.

The IMF statement notes that representatives of the IMF delegation and the Serbian authorities have reached an agreement on the third review under the Policy Coordination Instrument (PCI), which is to be approved by the IMF Executive Board, after which a decision can be made to complete the review.

Like other countries, Serbia is facing significant challenges due to the war in the Middle East.

The war is affecting the economy through higher energy prices and increased uncertainty that affects private investments and consumption.

Growth is expected to be around 2.75% in 2026, increasing to 4% in 2027, supported by a rise in real incomes, new export capacity in the processing sector, a recovery in agricultural production, investments in infrastructure and energy, and tourism linked to Expo, the IMF said in a statement released today.

The statement added that Serbia is making progress in fiscal and structural reforms, with particular reference to the fact that the first actuarial analysis of the pension system has been published, and that the first report on tax expenditures is being prepared, while implementing key recommendations from last year’s IMF Fiscal Transparency Evaluation.

The IMF is supporting the Serbian Tax Administration in addressing staffing constraints, improving digitalisation, and strengthening VAT collection.

The IMF is also providing technical assistance to improve public investment management, which should enable systematic cost-benefit analysis for all new projects as a basis for transparent and efficient project selection.

IMF experts assessed in a statement that growth will be negatively affected by the spillover effects of the war in the Middle East during 2026, before strengthening in 2027, with the support of Expo-related activities.

The First Deputy Prime Minister stated that Serbia constantly emphasises that Expo is its chance for further growth, as are all planned investments related to the organisation of this event.

Every country now needs a new source of growth, and Serbia has created its own through work, engagement and, finally, winning the organisation of this event in strong competition, which will be its main growth engine in the coming years, the First Deputy Prime Minister pointed out.

Mali stressed that Serbia is committed to limiting the fiscal deficit to 3% of GDP in the period 2026-2027, as well as to special fiscal rules for public sector wages and pensions.

The cuts in fuel excise duties in March-April 2026 cushioned the shock of rising oil prices, but they should be phased out in the near future to avoid long-term energy subsidies and preserve fiscal sustainability, IMF experts recommend.

They emphasise that the forecasts are subject to an unusually high level of uncertainty, which refers, as stated, to further escalation of the conflict in the Middle East and additional disruptions in energy markets.

Maintaining prudent and predictable macroeconomic policies remains key to maintaining credibility and mitigating risks, IMF experts conclude.

The IMF Mission, led by Annette Kyobe, was in Belgrade from 22 April to 5 May for the third review of the current non-financial arrangement in the form of the PCI, the statement recalled.