IMF approves new review of deal
The Executive Board of the International Monetary Fund (IMF) completed on Wednesday the sixth review of the standby deal with Serbia.
Thursday, 23.12.2010.
10:20
The Executive Board of the International Monetary Fund (IMF) completed on Wednesday the sixth review of the standby deal with Serbia. It enables which enables the immediate disbursement of EUR 373 million, the IMF released. IMF approves new review of deal Drawing the full amount would bring total disbursements under the deal to about EUR 1.9bn, it has been announced. Serbia’s initial 15-month standby was approved on January 16, 2009, in the amount of about EUR 409.5mn. On May 15, 2009, the arrangement was extended by one year and augmented to about EUR 3bn to support the government's economic program amid a sharper than expected impact from the global financial crisis. Following the Executive Board's discussion on Serbia, First Deputy Managing Director and Acting Chair John Lipsky said that the Serbian authorities’ implementation of the IMF-supported program has been broadly satisfactory. "Continued vigilance will be critical as macroeconomic stability risks have increased, including from a surge in inflation, continued high trade deficits, and potential adverse spillovers from regional developments," Lipsky stressed. "The authorities have appropriately tightened monetary policy in line with the inflation-targeting framework. With inflation risks remaining tilted on the upside, the authorities should continue to use all tools available to contain inflation expectations and bring inflation back within the National Bank of Serbia’s tolerance band," he underscored. Lipsky said that fiscal policy has remained in line with the program, and that the 2011 budget targets a deficit consistent with the new fiscal responsibility framework. "Determined efforts will be needed to achieve the 2011 fiscal targets, in view of growing pressures for higher spending. It will be important to pursue structural fiscal reforms. The current pension reform is a step in the right direction. Further reforms will be needed in future to ensure the sustainability of the pension system," he pointed out. Lipsky added that banking sector reforms have been commendable, and that Serbia’s banking system is well buffered to absorb the deterioration in corporate balance sheets.
IMF approves new review of deal
Drawing the full amount would bring total disbursements under the deal to about EUR 1.9bn, it has been announced.Serbia’s initial 15-month standby was approved on January 16, 2009, in the amount of about EUR 409.5mn. On May 15, 2009, the arrangement was extended by one year and augmented to about EUR 3bn to support the government's economic program amid a sharper than expected impact from the global financial crisis.
Following the Executive Board's discussion on Serbia, First Deputy Managing Director and Acting Chair John Lipsky said that the Serbian authorities’ implementation of the IMF-supported program has been broadly satisfactory.
"Continued vigilance will be critical as macroeconomic stability risks have increased, including from a surge in inflation, continued high trade deficits, and potential adverse spillovers from regional developments," Lipsky stressed.
"The authorities have appropriately tightened monetary policy in line with the inflation-targeting framework. With inflation risks remaining tilted on the upside, the authorities should continue to use all tools available to contain inflation expectations and bring inflation back within the National Bank of Serbia’s tolerance band," he underscored.
Lipsky said that fiscal policy has remained in line with the program, and that the 2011 budget targets a deficit consistent with the new fiscal responsibility framework.
"Determined efforts will be needed to achieve the 2011 fiscal targets, in view of growing pressures for higher spending. It will be important to pursue structural fiscal reforms. The current pension reform is a step in the right direction. Further reforms will be needed in future to ensure the sustainability of the pension system," he pointed out.
Lipsky added that banking sector reforms have been commendable, and that Serbia’s banking system is well buffered to absorb the deterioration in corporate balance sheets.
0 Komentari
Možda vas zanima
Rat – dan 794: Uništeni su; Žestoke borbe; "Noćna mora" VIDEO
Rat u Ukrajini – 794. dan. Ukrajinski presednik Volodimir Zelenski izjavio je da je Ukrajini potrebno najmanje sedam PVO sistema Patriot i pozvao ukrajinske partnere da ne gube vreme kako bi se Rusiji uputio "odlučan signal".
23:30
27.4.2024.
1 d
Analiza: Zašto su Nemci i SAD odložili izjašnjavanje o Rezoluciji o Srebrenici
Glasanje o Rezoluciji o Srebrenici pred Generalnom skupštinom Ujedinjenih nacija, prvobito planirano za 2. maj, pomereno je za najmanje četiri dana, jer Zapad želi da dobije na vremenu kako bi prikupio dodatne glasove.
19:11
27.4.2024.
1 d
Zapad zapretio, Kina uzvratila
Kina je usvojila zakon o carinama kojim želi da osnaži mehanizme odbrane svoje ekomonije nakon pretnji Sjedinjenih Američkih Država i Evropske unije da će reagovati na izvoz jeftinih kineskih proizvoda.
7:59
27.4.2024.
1 d
Srđan Đoković hitno primljen u Urgentni centar
Srđan Đoković, otac najboljeg tenisera sveta Novaka Đokovića, hitno je primljen u Urgentni centar, prenosi "Kurir".
14:30
28.4.2024.
10 h
Glasanje o rezoluciji o Srebrenici bila nemačka ideja koju je podržao NATO; Vučić predvideo prljavu igru
Predsednik Srbije Aleksandar Vučić obratio se prethodnih dana u Njujorku gde se osvrnuo na aktuelne pritiske vezane oko pokušaja nametanja sramne Rezolucije o Srebrenici.
9:01
28.4.2024.
15 h
Komentari 0