"Renewal of agreement with IMF good move"

BELGRADE A renewal of arrangement with the International Monetary Fund (IMF) in 2013 "would be a good move for Serbia". This is according to World Bank Country Manager for Serbia Loup Brefort, who spoke in Belgrade on Friday. "Renewal of agreement with IMF good move" Brefort told the press at the Serbian Chamber of Commerce that lowering of Serbia's credit rating was not unexpected, since, as he put it, this is not a result of recent developments but a global phenomenon. Even before the elections, it was clear that Serbia is heading to a big budget deficit, so lowering of the rating is not a result of the elections and the government's first moves, he said. Speaking about the Serbian economy, Brefort said that there have been many announcements about economic changes, but added that not many real decisions and results have been made so far. He noted that Serbia needs adjustments related to budget revenues and expenditures. Brefort also said that improvements in reducing the budget deficit cannot be seen in the short term, and added that we first have to wait for the 2012 budget review and the budget for 2013. Brefort commended the empowerment of the Social-Economic Council and announcements about elimination of unnecessary taxes that burden the Serbian economy. Loup Brefort (file) IMF delegation arrives on Sept. 10 A delegation of the International Monetary Fund (IMF) tasked with analyzing the situation with the public finances will come to Serbia on September 10, and there are technical talks under way, started on August 28 and scheduled to finish on September 4, with IMF officials, State Secretary for Finance and Economy Vlajko Senic said on Friday. After the visits, an official IMF mission is expected, which will come late this year, ahead of the drafting of the 2013 budget, Senic old Tanjug. "We have prepared all the available information, are completely open to cooperation and convinced we can expect an agreement with the IMF ahead of adopting the 2013 budget," he stated. According to Senic, Serbia will still incur debt, despite the fact that the public debt rose dramatically in the past 4 years, he noted. "The government will on its own, but also in cooperation with the IMF, define a clear plan on how to reduce the debt," Senic remarked, stressing that it would be important to Serbia to renew its agreement with the IMF, which the old government had "frozen and practically made invalid." "The talks will certainly be difficult, but we have a clear plan. We will present our plans for fiscal consolidation to this IMF mission coming in September and the official delegation, which we hope will come by the end of the year," he explained. "I am the host for a technical mission from the IMF coming to Serbia on Tuesday. We are discussing some technical details of the budget's preparation and planning," he noted. Senic expects the government to increase budget revenue and achieve significant savings in expenditure. Tanjug

"Renewal of agreement with IMF good move"

Brefort told the press at the Serbian Chamber of Commerce that lowering of Serbia's credit rating was not unexpected, since, as he put it, this is not a result of recent developments but a global phenomenon.

Even before the elections, it was clear that Serbia is heading to a big budget deficit, so lowering of the rating is not a result of the elections and the government's first moves, he said.

Speaking about the Serbian economy, Brefort said that there have been many announcements about economic changes, but added that not many real decisions and results have been made so far.

He noted that Serbia needs adjustments related to budget revenues and expenditures.

Brefort also said that improvements in reducing the budget deficit cannot be seen in the short term, and added that we first have to wait for the 2012 budget review and the budget for 2013.

Brefort commended the empowerment of the Social-Economic Council and announcements about elimination of unnecessary taxes that burden the Serbian economy.

IMF delegation arrives on Sept. 10

A delegation of the International Monetary Fund (IMF) tasked with analyzing the situation with the public finances will come to Serbia on September 10, and there are technical talks under way, started on August 28 and scheduled to finish on September 4, with IMF officials, State Secretary for Finance and Economy Vlajko Senić said on Friday.

After the visits, an official IMF mission is expected, which will come late this year, ahead of the drafting of the 2013 budget, Senić old Tanjug.

"We have prepared all the available information, are completely open to cooperation and convinced we can expect an agreement with the IMF ahead of adopting the 2013 budget," he stated.

According to Senić, Serbia will still incur debt, despite the fact that the public debt rose dramatically in the past 4 years, he noted.

"The government will on its own, but also in cooperation with the IMF, define a clear plan on how to reduce the debt," Senić remarked, stressing that it would be important to Serbia to renew its agreement with the IMF, which the old government had "frozen and practically made invalid."

"The talks will certainly be difficult, but we have a clear plan. We will present our plans for fiscal consolidation to this IMF mission coming in September and the official delegation, which we hope will come by the end of the year," he explained.

"I am the host for a technical mission from the IMF coming to Serbia on Tuesday. We are discussing some technical details of the budget's preparation and planning," he noted.

Senić expects the government to increase budget revenue and achieve significant savings in expenditure.