IMF mission to meet with bankers

A delegation of the International Monetary Fund (IMF) will continue in Belgrade on Friday talks at the technical expert level today.

Izvor: Tanjug

Friday, 29.10.2010.

09:47

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A delegation of the International Monetary Fund (IMF) will continue in Belgrade on Friday talks at the technical expert level today. This is part of the ongoing sixth review under Serbia's stand-by arrangement - with representatives of government institutions, business banks and EU offices in Serbia. IMF mission to meet with bankers Serbian Prime Minister Mirko Cvetkovic expressed expectation that basic macroeconomic parameters for the 2011 budget will be set in the talks with the IMF, so the government can then proceed to draft the particulars of the budget bill. The principle goal for next year's budget is bringing deficit down to four percent. The IMF Executive Board will decide December 22 in Washington whether to approve the sixth review under Serbia's credit arrangement. In the arrangement signed in May 2009, the IMF approved the disbursement of a total of EUR 2.87mn to boost Serbia's foreign exchange reserves, EUR 1.45 billion of which has been withdrawn so far. On Thursday, Serbian Minister for National Investment Plan (NIP) Verica Kalanovic said about RSD 30bn from the Serbian budget is needed for the realization of 2011 top priority projects of NIP and for project loans and programes of the country. Speaking at a meeting with the International Monetary Fund (IMF)delegation, she emphasized that the funds are necessary for the realization of the most important present and new infrastructural projects, among which is the construction of Corridors 10 and 11, the ministry said in a statement. These funds will be invested solely in infrastructural projects, which are the foundation for the further development of Serbia. The participants of the meeting pointed to the importance of investing into the infrastructure, as a prerequisite of economic development. Kalanovic informed the IMF delegation about the progress in the realization of the 2010 NIP projects, financed by the Serbian budget and project loans. She underscored that the majority of NIP projects will be finished by the end of the year, and that the funding of a small number of projects will be transfered to next year, merely because the determined deadlines imply completion during 2011, the statement reads.

IMF mission to meet with bankers

Serbian Prime Minister Mirko Cvetković expressed expectation that basic macroeconomic parameters for the 2011 budget will be set in the talks with the IMF, so the government can then proceed to draft the particulars of the budget bill.

The principle goal for next year's budget is bringing deficit down to four percent.

The IMF Executive Board will decide December 22 in Washington whether to approve the sixth review under Serbia's credit arrangement.

In the arrangement signed in May 2009, the IMF approved the disbursement of a total of EUR 2.87mn to boost Serbia's foreign exchange reserves, EUR 1.45 billion of which has been withdrawn so far.

On Thursday, Serbian Minister for National Investment Plan (NIP) Verica Kalanović said about RSD 30bn from the Serbian budget is needed for the realization of 2011 top priority projects of NIP and for project loans and programes of the country.

Speaking at a meeting with the International Monetary Fund (IMF)delegation, she emphasized that the funds are necessary for the realization of the most important present and new infrastructural projects, among which is the construction of Corridors 10 and 11, the ministry said in a statement.

These funds will be invested solely in infrastructural projects, which are the foundation for the further development of Serbia.

The participants of the meeting pointed to the importance of investing into the infrastructure, as a prerequisite of economic development.

Kalanović informed the IMF delegation about the progress in the realization of the 2010 NIP projects, financed by the Serbian budget and project loans.

She underscored that the majority of NIP projects will be finished by the end of the year, and that the funding of a small number of projects will be transfered to next year, merely because the determined deadlines imply completion during 2011, the statement reads.

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