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IMF approves $95m loan to Serbia
Belgrade,
16 December 2004
Serbian Deputy Prime Minister Miroljub Labus said today that the International Monetary Fund (IMF) has approved a new tranche of $95 million as support to Serbia's currency reserves.
Miroljub Labus
Labus told the Beta news agency that the World Bank's Board of Governors will make a positive decision today concerning a new three-year arrangement with Serbia, worth $540 million.
These two decisions are of great importance and show that the leading international financial institutions support reform progress in Serbia, said Labus, and added that this is also a positive signal for foreign investors because it guarantees that their investments will be safe in Serbia in the next year.
The three-year arrangement with the IMF for support to currency reserves for 2002 totals $680 million and will end in November or December next year.
Upon the completion of the three-year arrangement, another $700 million of Serbia's debt to the Paris Club of Creditors will be written off, the Deputy Prime Minister stressed.
Following the last night's decision of the IMF's Board of Governors to support the Serbian government's Memorandum on Economic and Financial Support for 2005, Deputy General Director Anne Krueger said that the economic growth in Serbia is very high and that the level of currency reserves is satisfactory. However, she warned that inflation rate is too high, as well as the payments deficit.
These two decisions are of great importance and show that the leading international financial institutions support reform progress in Serbia, said Labus, and added that this is also a positive signal for foreign investors because it guarantees that their investments will be safe in Serbia in the next year.
The three-year arrangement with the IMF for support to currency reserves for 2002 totals $680 million and will end in November or December next year.
Upon the completion of the three-year arrangement, another $700 million of Serbia's debt to the Paris Club of Creditors will be written off, the Deputy Prime Minister stressed.
Following the last night's decision of the IMF's Board of Governors to support the Serbian government's Memorandum on Economic and Financial Support for 2005, Deputy General Director Anne Krueger said that the economic growth in Serbia is very high and that the level of currency reserves is satisfactory. However, she warned that inflation rate is too high, as well as the payments deficit.
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