The nature of the new arrangement with the IMF

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Serbian delegation led by Governor Jorgovanka Tabakovic and Finance Minister Dusan Vujovic met in Washington with the Executive Director of the International Monetary Fund (IMF) Tao Zhang, with whom they discussed a new arrangement.

As announced by the Ministry of Finance, Vujovic said that the new cooperation with the IMF will not contain a financial component, rather, it aims to maintain the achieved macroeconomic and fiscal stability in the continuation of the projects and reforms which have been initiated.

He added that attention is now focused on a series of analyzes and discussions aimed at how best to overcome the remaining challenges, such as resolving the status of the companies in restructuring, improving the efficiency of public enterprises, and reforming the Tax Administration.

“Inflation has been preserved at a very low level, Serbia’s risk premium is at the lowest levels, and the country’s credit rating is also favorable,” advised Jorgovanka Tabakovic.

“Thanks to that, in the forthcoming period we are expecting a gradual acceleration of growth, this year alone to about 3.5 percent, which is the best guarantee that the employment growth and the standards of our citizens will continue,” the governor said.

The Executive Director of the IMF praised the results that the Serbian Government had achieved and added that the intention of this financial institution is to continue supporting key reforms in Serbia.

“In order to maintain fiscal stability and provide quality support for economic growth at the same time, we must continue negotiations regarding future arrangements,” Zhang said.

Source: Beta

Photo: Pixabay