Mali: Serbia only EU membership candidate with investment-grade credit rating

WASHINGTON - Serbian First Deputy PM and Finance Minister Sinisa Mali said on Friday Serbia was the only EU membership candidate country with an investment-grade credit rating, as well as the only Western Balkan country with such a rating.

That means that, for the first time in history, Serbia is a country that is safe, stable and secure to invest in, Mali told reporters in Washington after meetings with representatives of the Standard & Poor's, Fitch and Moody's rating agencies.

He said that was also a great recognition to all Serbian citizens in terms of the economic policy pursued by the present government, as well as results that were being achieved.

But what we have achieved to date must be confirmed day by day and month by month, and the economy must grow, he said.

In spite of blockades, the Serbian economy keeps growing, he said, adding that the GDP growth rate for this year was projected at around 2.3-2.4 pct and that the country's FX and gold reserves were at all-time highs.

"We also have the lowest-ever unemployment rate and the highest-ever employment rate. We have almost 4 bln euros in the state coffers and, in spite of everything, including global challenges and internal problems, our debt-to-GDP ratio is exactly 43 pct, while the euro zone average is 88-89 pct," Mali said, noting that the IMF director had said the global average would exceed 100 pct by 2029.

All that proves that a small country like Serbia is pursuing a responsible economic policy, registering growth and keeping macroeconomic stability under control, he said.

Mali added that he had also had a good discussion with World Bank Vice President Antonella Bassani and noted that Serbia currently had around 4.6 bln euros worth of projects ratified with the World Bank in the fields of digitalisation, energy, agriculture and further tax administration reforms.

"It is very important that we maintain good relations with the world's most significant financial institutions, such as the World Bank or the IMF. Simply, that lends credibility to everything and, of course, affirms Serbia's position as an attractive (investment) destination," Mali said.