IMF Completes Third Review of Serbia's Economic Program
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Loading... - Rainer Clemens
- 09 Jul 2024
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The Board of Executive Directors of the International Monetary Fund (IMF) has successfully completed the third and penultimate review of Serbia's economic program, which is supported by the standby arrangement, the National Bank of Serbia (NBS) announced today. The IMF commended the achievements made under the program's implementation, noting several positive developments in the country's economic indicators.
Key Highlights of the Review:
- Economic Growth: The IMF reported that Serbia's economic growth is accelerating.
- Inflation: There has been a significant reduction in inflation rates.
- Current Account Deficit: The deficit in the current account of the balance of payments is decreasing.
- Reserves: Serbia's reserves have reached a record level.
- Public Debt: The share of public debt in the gross domestic product (GDP) is decreasing.
- Quantitative Criteria: All quantitative criteria for the execution of indicative goals have been met.
- Structural Reforms: Progress in the implementation of the structural reform plan continues.
The Governor of the National Bank of Serbia, Jorgovanka Tabaković, emphasized that the IMF's decision reaffirms the effectiveness of the policies adopted and implemented in Serbia.
"I am not referring only to economic policy, but to overall policies, as well as the relations we build with the world, of which we are a part. Acting proactively and in a coordinated manner, even in a period of pronounced global challenges, we have created numerous protective mechanisms, which are a prerequisite for quick reactions, which the International Monetary Fund welcomes," Tabaković stated, as reported by Tanjug.
The successful completion of this review by the IMF marks a significant milestone for Serbia, indicating strong economic governance and effective policy implementation amidst global economic challenges.
