Negotiations of Serbia and IMF about new cooperation program to continue on May 7

Representatives of Serbia and members of the team of the International Monetary Fund (IMF) will continue the negotiations about a new, non-financial program of cooperation, initiated in March, this Monday, on May 7, in Belgrade, as Tanjug learns at the IMF Office in the capital of Serbia and the National Bank of Serbia.

The new round of talks begins in the context of the growth of Serbia’s GDP by 4.5% in the first quarter, the projection of the biggest economic expansion in Serbia in the decade, made by the European Commission, but also the clear need to finish the economic reforms, especially those in the public sector.

After the successful completion of the three-year precautionary standby arrangement with the IMF this February, the Serbian authorities showed interest in continuing the cooperation with the Fund, but in a different form.

The new arrangement would be a non-financial one and supported by the Policy Coordination Instrument (PCI), which the IMF implemented recently to the end of providing a framework for advising related to the policy and monitoring in the countries not requiring financial support by the Fund.

Serbian Prime Minister Ana Brnabic recently stated that she expected a new arrangement to be signed, which, as she said, will be based more on economic growth, with the goals being new jobs and a much quicker growth of revenues.

Thanos Arvanitis, Deputy Director of the IMF European Department, said at this year’s 25th Kopaonik Business Forum that now was the time for Serbia to continue carrying out reforms, strengthen the economy, seize the opportunity and successfully join the European Union.

He praised the success of reforms carried out in Serbia up till then and pointed out that the IMF had had constructive talks with the Government of Serbia and that they had helped accelerate the changes.

Narodna banka Srbije Beograd

Vlada Republike Srbije

Međunarodni monetarni fond-MMF Beograd

National Bank of Serbia

NBS

Government of Serbia

International Monetary Fund

IMF

growth of GDP of Serbia

GDP of Serbia

gross domestic product of Serbia

European Commission

public sector reforms

standby arrangement

precautionary arrangement

Policy Coordination Instrument

PCI

Ana Brnabic

Thanos Arvanitis