Serbia wants precautionary agreement with IMF

The presence of the International Monetary Fund in Serbia is desirable - "and right now it would be best to reach at least a 3-year precautionary arrangement."

Izvor: Tanjug

Tuesday, 23.04.2013.

14:50

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WASHINGTON The presence of the International Monetary Fund in Serbia is desirable - "and right now it would be best to reach at least a 3-year precautionary arrangement." This was heard on Tuesday from National Bank of Serbia (NBS) Governor Jorgovanka Tabakovic, Tanjug is reporting. Serbia wants precautionary agreement with IMF She told Tanjug after a meeting of representatives of the IMF and the World Bank in Washington that Serbia does not want the arrangement in order to get funds since the country's position in terms of balance of payment is such that it does not require new loans, but rather an advisor and controller. “We want such an arrangement since the IMF presence is desirable so that we could show that Serbia is a country where foreign investments would be welcome, and where predictable economic conditions are being created,” the Governor said for Tanjug. Speaking about the meetings with representatives of the World Bank, Tabakovic said that they discussed the loans that have already been approved, since Serbia does not need new ones from this institution. “I want to assure all citizens and creditors that we are aware that the height of the public debt has not only exceeded the legally proscribed limit, but it is up to us now to secure reimbursement of the debt. Our first assignment is to create an economy which will have a net export and thus be able to service the due interest rates and the principle,” Tabakovic said. When asked how representatives of the IMF and the World Bank see Serbia's economic image, the NBS governor said that the arrival of the IMF representatives in Belgrade in May will be a good opportunity to get a clear image about what the government is doing to reduce the fiscal deficit and return the level of the public debt into the sustainable framework. Tanjug

Serbia wants precautionary agreement with IMF

She told Tanjug after a meeting of representatives of the IMF and the World Bank in Washington that Serbia does not want the arrangement in order to get funds since the country's position in terms of balance of payment is such that it does not require new loans, but rather an advisor and controller.

“We want such an arrangement since the IMF presence is desirable so that we could show that Serbia is a country where foreign investments would be welcome, and where predictable economic conditions are being created,” the Governor said for Tanjug.

Speaking about the meetings with representatives of the World Bank, Tabaković said that they discussed the loans that have already been approved, since Serbia does not need new ones from this institution.

“I want to assure all citizens and creditors that we are aware that the height of the public debt has not only exceeded the legally proscribed limit, but it is up to us now to secure reimbursement of the debt. Our first assignment is to create an economy which will have a net export and thus be able to service the due interest rates and the principle,” Tabaković said.

When asked how representatives of the IMF and the World Bank see Serbia's economic image, the NBS governor said that the arrival of the IMF representatives in Belgrade in May will be a good opportunity to get a clear image about what the government is doing to reduce the fiscal deficit and return the level of the public debt into the sustainable framework.

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