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IMF approves €366.5m disbursement to Serbia
Belgrade/Washington,
28 September 2010
The Executive Board of the International Monetary Fund (IMF) completed the fifth review of Serbia’s economic performance today under a programme supported by the Stand-By Arrangement, which enables the immediate disbursement of a new instalment of the loan, worth €366.5 million.
A statement by the IMF says that Serbia’s commendable performance under its economic programme supported by the Fund’s Stand-By Arrangement has helped in addressing the spillovers from the global financial crisis while establishing a moderate economic recovery.
An accelerated pace of structural reforms will help to strengthen medium-term growth and employment prospects, supported by the resumption of adequate capital inflows, in particular through foreign direct investment.
Despite the moderate recovery, inflation has accelerated, mainly as a result of increasing food prices. The authorities have appropriately tightened their monetary stance in line with their inflation-targeting framework and to bolster the framework’s credibility.
A strong commitment to the implementation of structural reforms in the areas of tax administration, the business environment, privatisation and restructuring of public enterprises will strengthen medium-term growth and employment prospects.
The credit arrangement between Serbia and the IMF worth about €2.98 million was concluded in May 2009 and will be completed in April 2011.
Serbia has withdrawn €1.45 million so far in order to boost foreign currency reserves of the National Bank of Serbia.
An accelerated pace of structural reforms will help to strengthen medium-term growth and employment prospects, supported by the resumption of adequate capital inflows, in particular through foreign direct investment.
Despite the moderate recovery, inflation has accelerated, mainly as a result of increasing food prices. The authorities have appropriately tightened their monetary stance in line with their inflation-targeting framework and to bolster the framework’s credibility.
A strong commitment to the implementation of structural reforms in the areas of tax administration, the business environment, privatisation and restructuring of public enterprises will strengthen medium-term growth and employment prospects.
The credit arrangement between Serbia and the IMF worth about €2.98 million was concluded in May 2009 and will be completed in April 2011.
Serbia has withdrawn €1.45 million so far in order to boost foreign currency reserves of the National Bank of Serbia.
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