World Bank plans to allocate USD 2.2 billion to Serbia

The World Bank Group's Board of Executive Directors has endorsed the Country Partnership Framework (CPF) for Serbia.

Source: Tanjug

It proposes allocating a total of USD 2.2 billion to the country over the next five years, the WB said.

The period in question is 2015-2019, or fiscal year 2016-20.

The CPF proposes a loan from the International Bank for Reconstruction and Development (IBRD) of up to USD 1.6 billion, and International Finance Corporation (IFC) financing of up to USD 600 million.

The WB intends to use these funds to help Serbia create a competitive and inclusive economy and, through this, support its integration into the European Union, the release states.

The WB Board of Executive Directors welcomes the steady progress of Serbia in implementing structural reforms that contribute to macro-fiscal sustainability and create a competitive and market-oriented economy.

They also note the Serbian government's strong commitment to the reforms, which in their opinion should have been carried out long ago.

The strategy of the CPF is in line with the WB twin goals of reducing poverty and boosting shared prosperity, the release states.

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