Talks on new IMF arrangement "next spring"

Talks between the Serbian government and the International Monetary Fund (IMF) on a new arrangement will continue in the spring.

Izvor: Tanjug

Tuesday, 20.11.2012.

15:11

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BELGRADE Talks between the Serbian government and the International Monetary Fund (IMF) on a new arrangement will continue in the spring. However, no exact dates have been set, Serbian Minister of Finance and Economy Mladjan Dinkic said on Tuesday in Belgrade. Talks on new IMF arrangement "next spring" If Serbia signs a deal with the IMF, it will be a three-year precautionary arrangement, Dinkic told a news conference after a government session. He explained the government would first review the results of this year's budget, because this is the only way to realistically asses the one for next year. Dinkic said the government was in agreement that Serbia does not need IMF money for the state budget or foreign exchange reserves, but it does need the financial institution to boost its credibility and credit rating. The minister said that due to the implementation of the fiscal consolidation program, Serbia will have at least RSD 20 billion less than planned by the budget balancing bill. This is reason to submit draft amendments to the 2013 budget bill, increasing the planned tax revenue by RSD 10 billion and decreasing other revenue by RSD 9 billion on account of lower dividends from public companies, said Dinkic. The RSD 1 billion difference will be used for strengthening social security programs, he said. An IMF mission visited Belgrade between November 13 and 20 to discuss latest economic trends and the 2013 budget bill with representatives of the Serbian government. In the first stage of talks on a new arrangement, the IMF mission and the Serbian government reviewed the fiscal consolidation program and the midterm macroeconomic framework. Serbia's previous precautionary arrangement with the IMF, worth around EUR 1.1 billion, was frozen in February this year. Mladjan Dinkic (Beta, file) Tanjug

Talks on new IMF arrangement "next spring"

If Serbia signs a deal with the IMF, it will be a three-year precautionary arrangement, Dinkić told a news conference after a government session.

He explained the government would first review the results of this year's budget, because this is the only way to realistically asses the one for next year.

Dinkić said the government was in agreement that Serbia does not need IMF money for the state budget or foreign exchange reserves, but it does need the financial institution to boost its credibility and credit rating.

The minister said that due to the implementation of the fiscal consolidation program, Serbia will have at least RSD 20 billion less than planned by the budget balancing bill.

This is reason to submit draft amendments to the 2013 budget bill, increasing the planned tax revenue by RSD 10 billion and decreasing other revenue by RSD 9 billion on account of lower dividends from public companies, said Dinkić.

The RSD 1 billion difference will be used for strengthening social security programs, he said.

An IMF mission visited Belgrade between November 13 and 20 to discuss latest economic trends and the 2013 budget bill with representatives of the Serbian government.

In the first stage of talks on a new arrangement, the IMF mission and the Serbian government reviewed the fiscal consolidation program and the midterm macroeconomic framework.

Serbia's previous precautionary arrangement with the IMF, worth around EUR 1.1 billion, was frozen in February this year.

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