IMF approves stand-by arrangement

The IMF Board of Directors has approved a EUR 402.5mn stand-by loan to Serbia, this international financial institution has confirmed in Washington. The arrangement will last 15 months and enable Serbia to draw the money in case it needs to bolster the hard currency reserves. IMF approves stand-by arrangement The accompanying economic program, agreed by the government and IMF, will enable a sustained microeconomic and financial stability in the country, reports say. That program envisages a restrictive fiscal policy, 2009 budget deficit at under 1.5 percent of the GDP, and measures to stabilize the financial sector and structural reforms, aimed at improving economic growth and exports. The arrangement approved on Friday was negotiated last November. As a condition for it to be implemented, the government and the central bank, NBS, signed agreements that established responsibility for control of prices and financial sector stability in Serbia.

IMF approves stand-by arrangement

The accompanying economic program, agreed by the government and IMF, will enable a sustained microeconomic and financial stability in the country, reports say.

That program envisages a restrictive fiscal policy, 2009 budget deficit at under 1.5 percent of the GDP, and measures to stabilize the financial sector and structural reforms, aimed at improving economic growth and exports.

The arrangement approved on Friday was negotiated last November. As a condition for it to be implemented, the government and the central bank, NBS, signed agreements that established responsibility for control of prices and financial sector stability in Serbia.