IMF: Government's measures step in right direction
The measures announced by the Serbian government on Tuesday "are a signal of the authorities' resolve to tackle the economic challenges," says the IMF.
Wednesday, 09.10.2013.
10:24
WASHINGTON The measures announced by the Serbian government on Tuesday "are a signal of the authorities' resolve to tackle the economic challenges," says the IMF. The measures announced by the Serbian government on Tuesday "are a signal of the authorities' resolve to tackle the economic challenges," says the IMF. IMF: Government's measures step in right direction "Full implementation of these measures starting from 2014 would be an important step in the right direction," reads a statement released on the IMF website. “Ambitious fiscal consolidation and structural reforms to reverse the sharp rise in public debt and foster sustainable growth are urgent policy priorities, as recognized by the authorities," the release adds. "The government’s fiscal consolidation plans outlined in the draft medium-term strategy - currently under discussion—identify a set of measures that aim to put public finances on a sustainable footing," the statement said. "The general government deficit (including public bank resolution costs, clearance of arrears, and payments for called guarantees) is expected to reach around 7.5 percent of GDP this year. Inflation is set to decelerate to the National Bank of Serbia’s (NBS) target tolerance band soon," the statement reads. Noting that the economic situation remains fragile, the IMF, whose mission ended a seven-day visit to Serbia on Tuesday, underlined that the unemployment rate at around 25 percent remains a major social concern. "A modest recovery of 1.5 percent - somewhat lower than the projection in the October 2013 World Economic Outlook - is expected this year, supported by a rebound of agriculture and strong automobile and other exports. This will help reduce the external current account deficit, which will nevertheless remain sizeable," the statement reads. "However, weak private credit and a contraction of domestic demand have dampened the economic recovery," the IMF said in the release. (file) Tanjug
IMF: Government's measures step in right direction
"Full implementation of these measures starting from 2014 would be an important step in the right direction," reads a statement released on the IMF website.“Ambitious fiscal consolidation and structural reforms to reverse the sharp rise in public debt and foster sustainable growth are urgent policy priorities, as recognized by the authorities," the release adds.
"The government’s fiscal consolidation plans outlined in the draft medium-term strategy - currently under discussion—identify a set of measures that aim to put public finances on a sustainable footing," the statement said.
"The general government deficit (including public bank resolution costs, clearance of arrears, and payments for called guarantees) is expected to reach around 7.5 percent of GDP this year. Inflation is set to decelerate to the National Bank of Serbia’s (NBS) target tolerance band soon," the statement reads.
Noting that the economic situation remains fragile, the IMF, whose mission ended a seven-day visit to Serbia on Tuesday, underlined that the unemployment rate at around 25 percent remains a major social concern.
"A modest recovery of 1.5 percent - somewhat lower than the projection in the October 2013 World Economic Outlook - is expected this year, supported by a rebound of agriculture and strong automobile and other exports. This will help reduce the external current account deficit, which will nevertheless remain sizeable," the statement reads.
"However, weak private credit and a contraction of domestic demand have dampened the economic recovery," the IMF said in the release.
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