IMF Board to approve agreement with Serbia on December 19

The representative of Serbia in the World Bank in Washington, Biljana Hroneos-Krasavac, said that the Board of the International Monetary Fund would approve of the agreement, which had been reached with Serbia in November, on December 19th.

- We can say that the arrangement will be approved in the regular procedure on December 19th, at the IMF Board’s meeting, because Serbia proved to be the country with very high reserves – nearly 10 billion EUR, and the country that still has access to foreign finance, that is, the access to the loans from abroad, which was estimated (at the IMF Board’s meeting) as very positive – said she in the interview for “Voice of America”.

Hronoes-Krasavac reminded that it was so-called "stand-by" arrangement, that is, the arrangement that would help Serbia adapt to the newly created situation, of which primary purpose was restrictive fiscal and monetary policy, and there were, also, appropriate measures that prevented financial and banking system from being endangered.

- The funds we can use amount to 520m USD, which is not much too big amount, but our Government took very strict position towards the terms set by IMF by promising that no funds would be withdrawn unless the need occurred – said the representative of Serbia in the World Bank.