"IMF revision decision to be positive"

IMF Resident Representative in Serbia Bogdan Lissovolik expressed belief that the IMF would approve the fourth revision of Serbia's current loan. Serbia and this international financial organization have a stand-by arrangement currently in place worth EUR 2.9bn. "IMF revision decision to be positive" Addressing journalists at the summer Vivaldi Forum on Mt. Mokra Gora, in western Serbia, Lissovolik said that some data are still being analyzed, but that there were "basically no obstacles for Serbia to get a positive revision of the arrangement, as the country has fulfilled all the obligations". The fourth revision of the stand-by arrangement should enable Serbia to withdraw an additional EUR 380mn to its foreign currency reserves. An agreement was reached with IMF representatives in May that due to insufficient public revenue, the budget deficit be increased from the originally planned four percent to 4.8 percent of the GDP, i.e. to approximately RSD 140bn. It was also agreed to postpone for September the passing of the fiscal responsibility law, which will make it possible to reduce public expenditure to 41 percent of the GDP in the next four years.

"IMF revision decision to be positive"

Addressing journalists at the summer Vivaldi Forum on Mt. Mokra Gora, in western Serbia, Lissovolik said that some data are still being analyzed, but that there were "basically no obstacles for Serbia to get a positive revision of the arrangement, as the country has fulfilled all the obligations".

The fourth revision of the stand-by arrangement should enable Serbia to withdraw an additional EUR 380mn to its foreign currency reserves.

An agreement was reached with IMF representatives in May that due to insufficient public revenue, the budget deficit be increased from the originally planned four percent to 4.8 percent of the GDP, i.e. to approximately RSD 140bn.

It was also agreed to postpone for September the passing of the fiscal responsibility law, which will make it possible to reduce public expenditure to 41 percent of the GDP in the next four years.