Vucic: Serbia continues on path of fiscal stability

BELGRADE- After a meeting with an International Monetary Fund (IMF) delegation on Monday, Serbian President Aleksandar Vucic said Serbia continued on the path of fiscal stability but would have to be even more disciplined and more responsible than it had been in the past.

"A difficult but, I believe, a successful meeting with the IMF delegation. Serbia continues on the path of fiscal stability, but we will have to be even more disciplined and more responsible than we have been until now," Vucic wrote in a post on his buducnostsrbijeav Instagram post.

The talks with the IMF were tough but great progress was made, which was also confirmed by IMF Mission Head Donal McGettigan, Vucic added.

He noted that McGettigan had congratulated him on Serbia gaining investment-grade rating, highlighting a successful completion of a fourth - and last - review under a standby arrangement with the IMF as well as an agreement on a new PCI arrangement starting in 2025.

He added that an agreement on keeping Serbia's budget deficit at 3 pct in 2025-2027 and making capital projects a priority had been confirmed at the meeting.

Vucic noted that the IMF delegation had stressed the significance of respect of fiscal rules, especially when it comes to salaries and pensions, as well as a need for careful expenditure management in the agriculture, infrastructure and health care sectors.

"I expressed gratitude for the IMF support and noted Serbia's commitment to further fiscal consolidation and to carrying out structural reforms, including reforms in the energy sector and in public enterprise management," Vucic wrote in the post.