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IMF board to approve arrangement with Serbia
Belgrade/Washington,
3 December 2008
Serbia’s representative at the World Bank in Washington, Biljana Hroneos-Krasavac, stated that on December 19 the IMF board will approve the loan arrangement agreed with Serbia last month.
Hroneos-Krasavac said in an interview for the Voice of America that the arrangement will be approved within the regular procedure because Serbia proved it has sizeable reserves and access to foreign loans, which the IMF assessed positively.
She recalled that this is a stand-by arrangement, which means it will be adjusted to the current situation, its basic purpose is to encourage a restrictive fiscal policy, as well to provide adequate measures to prevent risks to the financial and banking systems.
The funds we will have at our disposal amount to $520 million, said Hroneos-Krasavac, adding that the Serbian government is determined not to resort to these funds unless it really needs to.
Speaking about the global financial crisis, she noted that its full impact has not yet been felt in Serbia thanks to a well-implemented banking system reform in 2001 and a very strict monetary policy conducted by the government.
According to her, there are certain limitations in Serbia as to the amount of capital that can be taken out of the country, which is also an asset in the time of crisis.
She recalled that this is a stand-by arrangement, which means it will be adjusted to the current situation, its basic purpose is to encourage a restrictive fiscal policy, as well to provide adequate measures to prevent risks to the financial and banking systems.
The funds we will have at our disposal amount to $520 million, said Hroneos-Krasavac, adding that the Serbian government is determined not to resort to these funds unless it really needs to.
Speaking about the global financial crisis, she noted that its full impact has not yet been felt in Serbia thanks to a well-implemented banking system reform in 2001 and a very strict monetary policy conducted by the government.
According to her, there are certain limitations in Serbia as to the amount of capital that can be taken out of the country, which is also an asset in the time of crisis.
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