IMF approves EUR 3bn standby deal

The International Monetary Fund’s Board of Directors have approved a standby arrangement with Serbia worth EUR 2.94bn that will run until 2011.

Izvor: Beta

Saturday, 16.05.2009.

09:23

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The International Monetary Fund’s Board of Directors have approved a standby arrangement with Serbia worth EUR 2.94bn that will run until 2011. Serbia will now be able to immediately draw on EUR 788mn, it is stated on the IMF’s site. IMF approves EUR 3bn standby deal Economy Minister Mladjan Dinkic said that “the money from the IMF for Serbia would mean a guarantee of macroeconomic stability, a stable dinar and security for the whole economy.” According to Serbian officials, next week, Serbia will be able to draw on around EUR 800mn of the IMF’s funds destined for bolstering hard currency reserves, while it will have EUR 2.1bn at its disposal for the whole of 2009. The Serbian government agreed on the new standby arrangement with the IMF mission at the end of March, to replace the prior arrangement worth EUR 402.5mn approved in January this year. The condition for approving the new arrangement was parliamentary adoption of a budget review for 2009 and changes to the law allowing savings of EUR 1.1bn to be generated.

IMF approves EUR 3bn standby deal

Economy Minister Mlađan Dinkić said that “the money from the IMF for Serbia would mean a guarantee of macroeconomic stability, a stable dinar and security for the whole economy.”

According to Serbian officials, next week, Serbia will be able to draw on around EUR 800mn of the IMF’s funds destined for bolstering hard currency reserves, while it will have EUR 2.1bn at its disposal for the whole of 2009.

The Serbian government agreed on the new standby arrangement with the IMF mission at the end of March, to replace the prior arrangement worth EUR 402.5mn approved in January this year.

The condition for approving the new arrangement was parliamentary adoption of a budget review for 2009 and changes to the law allowing savings of EUR 1.1bn to be generated.

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