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The Government of the Republic of Serbia

In the service of citizens

Serbia to receive additional $65m from IMF

Belgrade, 9 September 2009

The National Bank of Serbia (NBS) stated today that Serbia will be allocated a further $65 million from the International Monetary Fund (IMF), the decision being pursuant upon the IMF’s decision on an allocation of special drawing rights (SDRs).

Together with the special allocation of $65 million and the $542 million approved on August 28 this year, the total balance on the SDR account of the Republic of Serbia will come to around $607 million or SDR 388,370,952.

A special allocation of SDRs to the amount of $33 billion will be made available to its members from today, pursuant to the IMF’s decision.

This allocation is preceded by a general allocation of SDRs equivalent to around $250 billion (74.13% of the members’ quota), approved by the IMF on August 28 to all its members with a view to providing liquidity to the global economy.

Funds received under SDR allocations represent a long-term financial liability of a member country to the IMF. These funds can be exchanged through the IMF for freely usable currencies for all current external payments, repayment of foreign debt or settlement of the member’s financial liabilities to the IMF.

These funds, typically used as a supplement to the official foreign reserves, are approved under favourable terms (variable interest rate currently at 0.29%) and without any of the conditions normally attached to financial arrangements with the IMF.