PM: IMF, WB assess Serbia as stable

PM Mirko Cvetković says the World Bank and IMF analyses of economies of South-East European countries assess the situation in Serbia as stable.

Izvor: Politika

Monday, 18.04.2011.

10:45

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PM Mirko Cvetkovic says the World Bank and IMF analyses of economies of South-East European countries assess the situation in Serbia as stable. They also predict a five-percent growth for 2012, said Cvetkovic- who is also the country's finance minister, and who is currently taking part in the Spring Meetings of the World Bank Group (WB) and the International Monetary Fund (IMF) in Washington. PM: IMF, WB assess Serbia as stable "We stick to our forecast of three-percent growth for 2011, based on the 2010 indicators, but the fact is that there has been a faster growth than planned at the beginning of 2011," Cvetkovic stated in an interview for the Belgrade-based daily Politika. "So far, there are only data on industrial production, which grew by nearly four percent in January and over five in February 2011, so there are bases for a new projection. The WB and IMF believe, however, that Serbia has bigger potentials than those we incorporated in our projections, which we will take into consideration in possible reviews of the 2011 growth," Cvetkovic announced. Cvetkovic and WB Managing Director Ngozi Okonjo-Iweala agreed in Washington on a new four-year arrangement, the initial value of which is USD 800 million, which implies a possibility of withdrawing additional funds. The novelty in the new arrangement is the approach to the use of funds. Namely, one half would be intended for the budget, and the second half to the realization of projects. Pointing out that there has still been no concrete talks, Cvetkovic said that the important thing is that the new strategy implies that the money available to Serbia would be used for a small number of large projects, whereby the government will decide on which projects will be realized via a competition that the ministries will take part in. Cvetkovic stressed that WB's funds will be used to cover the budget deficit and for various projects. The spring meetings in Washington (Beta/AP)

PM: IMF, WB assess Serbia as stable

"We stick to our forecast of three-percent growth for 2011, based on the 2010 indicators, but the fact is that there has been a faster growth than planned at the beginning of 2011," Cvetković stated in an interview for the Belgrade-based daily Politika.

"So far, there are only data on industrial production, which grew by nearly four percent in January and over five in February 2011, so there are bases for a new projection. The WB and IMF believe, however, that Serbia has bigger potentials than those we incorporated in our projections, which we will take into consideration in possible reviews of the 2011 growth," Cvetković announced.

Cvetković and WB Managing Director Ngozi Okonjo-Iweala agreed in Washington on a new four-year arrangement, the initial value of which is USD 800 million, which implies a possibility of withdrawing additional funds.

The novelty in the new arrangement is the approach to the use of funds. Namely, one half would be intended for the budget, and the second half to the realization of projects.

Pointing out that there has still been no concrete talks, Cvetković said that the important thing is that the new strategy implies that the money available to Serbia would be used for a small number of large projects, whereby the government will decide on which projects will be realized via a competition that the ministries will take part in.

Cvetković stressed that WB's funds will be used to cover the budget deficit and for various projects.

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