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The Government of the Republic of Serbia

In the service of citizens

Serbia’s credit rating improved

Belgrade, 3 March 2010

The Ministry of Finance stated that the international leading provider of business information, Dun & Bradstreet, increased Serbia’s credit rating to DB 5a in its March report and included it for the first time among countries with moderate business risk.

The improved credit rating is a follow-up to the successfully completed third revision of the stand-by arrangement with the International Monetary Fund (IMF) and tighter fiscal discipline.

Also, it is the result of positive economic flows in Serbia, especially the reduction in the balance of payment deficit to 5.7% of the gross domestic product (GDP), as well as estimates that GDP will grow this year more than the initially planned 1.5%.

The controlled fiscal deficit in 2009 also helped to increase the rating, since it was lower than the deficit agreed upon with the IMF. Another factor was the Serbian government’s determination to continue economic reforms with the goal of EU accession in mind. A favourable assessment such as this from Dun & Bradstreet will have a positive effect on foreign investors and their decision to invest in Serbia. It also affirms that business conditions in Serbia are improving.

Serbia’s improved rating signals that the country is on a path out of the recession, as well as signalling that the Serbian government is conducting adequate economic and fiscal policies, the statement adds.