Serbia must clinch IMF deal to be given WB loan

The World Bank will give Serbia a USD 400 million budget support loan but it first has to clinch a deal with the International Monetary Fund (IMF).

Izvor: Tanjug

Friday, 09.11.2012.

18:27

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BELGRADE The World Bank will give Serbia a USD 400 million budget support loan but it first has to clinch a deal with the International Monetary Fund (IMF). This is according to WB Country Director and Regional Coordinator for Southeast Europe Jane Armitage, who spoke on Friday. Serbia must clinch IMF deal to be given WB loan She said that Serbia's national output would likely shrink by 1.5 percent this year, the bank's most pessimistic forecast for any of the region's economies. Armitage told a press conference that Serbia should reach a new agreement with the IMF before it could draw the first USD 100 million tranche of the loan. She explained that the World Bank funds were intended as budget support, especially as aid in the implementation of public spending reforms. According to Armitage, a GDP growth of 2.5 percent is expected next year, primarily due to the recovery of agricultural production, car production in Fiat's factory in Kragujevac and good prospects for foreign direct investment. The World Bank wishes to increase its support to Serbia to a considerable extent, she stated during the talks with Serbian Prime Minister Ivica Dacic, also on Friday. The officials underscored that the World Bank is willing to back the development of economy, especially in the sectors of agriculture and energy, as well as the structural reforms in health-care and education. The World Bank has a high opinion of the economic measures implemented by the Serbian government, the government office for cooperation with the media released. Dacic and Armitage are seen in Belgrade on Friday (Tanjug) Tanjug

Serbia must clinch IMF deal to be given WB loan

She said that Serbia's national output would likely shrink by 1.5 percent this year, the bank's most pessimistic forecast for any of the region's economies.

Armitage told a press conference that Serbia should reach a new agreement with the IMF before it could draw the first USD 100 million tranche of the loan.

She explained that the World Bank funds were intended as budget support, especially as aid in the implementation of public spending reforms.

According to Armitage, a GDP growth of 2.5 percent is expected next year, primarily due to the recovery of agricultural production, car production in Fiat's factory in Kragujevac and good prospects for foreign direct investment.

The World Bank wishes to increase its support to Serbia to a considerable extent, she stated during the talks with Serbian Prime Minister Ivica Dačić, also on Friday.

The officials underscored that the World Bank is willing to back the development of economy, especially in the sectors of agriculture and energy, as well as the structural reforms in health-care and education.

The World Bank has a high opinion of the economic measures implemented by the Serbian government, the government office for cooperation with the media released.

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