IMF deal "confirms credible policy of government and NBS"
The arrangement with the IMF is a positive signal for potential investors looking to place their funds in Serbia, the central bank (NBS) has said.
Tuesday, 24.02.2015.
15:35
IMF deal "confirms credible policy of government and NBS"
The Executive Board of the International Monetary Fund (IMF) granted a stand-by arrangement to Serbia on Monday to the total value of EUR 1.168 billion with the maturity date of 36 months as support to the agreed economic program, states the institution.The arrangement was closed out of precaution, which means that Serbia does not intend to use the funds but still wants to have the possibility to use the money in case of the country's balance of payments needs it, states the release.
The main goals of the agreed economic program will cover strengthening of public finance, implementation of the plan of structural reforms and increase of stability of the financial sector.
NBS notes that achieving the goals should make room for tackling macroeconomic misbalances, primarily by setting up a sustainable level of public debt and reducing the debt as of 2017, strengthening of the financial sector and its role in encouraging economic growth and improvement of the economy's competitiveness.
In this way, the foundation for sustainable economic growth will be created, said the central bank.
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