The IMF says in a statement that IMF Deputy Managing Director Takatoshi Kato said that the impact of the global financial and economic crisis on Serbia has been successfully suppressed.
Kato said that the Serbian government’s economic policy, along with the stand-by arrangement and activities undertaken to stabilise the market, has increased international reserves, eased the pressure on the foreign currency market and helped to mobilise significant international financial assistance that endorsed Serbia’s budget and its economic recovery.
Serbia has drawn around €800 million from the loan arrangement with the IMF and it can draw another €2.2 billion.
All funds from this stand-by arrangement go to foreign currency reserves and will be used to maintain the stable exchange rate of the dinar.