Q:
A:
IMF approves third revision of stand-by loan arrangement with Serbia
Belgrade/Washington,
1 April 2010
The IMF Executive Board stated that it approved the third revision of the stand-by loan arrangement with Serbia, which allows for the immediate use of the third loan rate of around €360 million.
Author:
www.imf.org
The statement publicised on the IMF web site reads that with the new rate, the total loan granted to Serbia within the stand-by arrangement will amount to €1.3 billion.
IMF Deputy Managing Director Murilo Portugal said that Serbia is achieving satisfactory results within its economic programme, financially backed by the IMF stand-by arrangement.
He said that the response of the Serbian authorities to the global crisis helped to limit its negative effects on the Serbian economy, specifying that the drop in production was not significant, while the fall in domestic demand resulted in considerable foreign trade adjustments.
Portugal said that the speedy increase in Serbia’s GDP before the crisis caused considerable risk to foreign and financial stability.
As the economy recovers, efforts should be made to stimulate balanced medium-term growth. There is a need for stronger infrastructure and fiscal policies with the aim of increasing production, exports and savings, the IMF Deputy Managing Director concluded.
IMF Deputy Managing Director Murilo Portugal said that Serbia is achieving satisfactory results within its economic programme, financially backed by the IMF stand-by arrangement.
He said that the response of the Serbian authorities to the global crisis helped to limit its negative effects on the Serbian economy, specifying that the drop in production was not significant, while the fall in domestic demand resulted in considerable foreign trade adjustments.
Portugal said that the speedy increase in Serbia’s GDP before the crisis caused considerable risk to foreign and financial stability.
As the economy recovers, efforts should be made to stimulate balanced medium-term growth. There is a need for stronger infrastructure and fiscal policies with the aim of increasing production, exports and savings, the IMF Deputy Managing Director concluded.
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