Serbia to host meeting of Swiss-led IMF Constituency in 2030

BANGKOK - In 2030, Serbia will host a meeting of the Swiss-led IMF Constituency, through which it exercises its rights in the IMF.

"NBS representatives, acting on behalf of the Republic of Serbia, took part in a meeting of the Swiss-led IMF Constituency in Bangkok, on the sidelines of the Annual Meetings of the IMF and the World Bank Group.

At today’s meeting, the proposal for Serbia to host the IMF Constituency meeting in 2030 was adopted. More than two decades after the meeting was held in Serbia in 2009, Constituency partners will have the opportunity to attest to the country’s full economic transformation," the National Bank of Serbia (NBS) said in a statement on Thursday.

"Referring to the three key challenges highlighted by IMF Managing Director Kristalina Georgieva in her address ahead of the Annual Meetings – energy, public debt and artificial intelligence – the delegation stressed that Serbia has been addressing these challenges from a position of strength: inflation is within the target band, public debt is on a downward trajectory, FX reserves are at a record high, and growth is among the highest in Europe.

The NBS is responding to uncertainty by being prepared:

- inflation is within the target band, while monetary policy remains cautious, because "caution is not a weakness, but responsibility";

- a relatively stable dinar is an anchor of confidence for households and businesses, as also evidenced by dinar savings, which account for more than 11 pct of total savings;

. gold makes up around 22 pct of FX reserves, providing Serbia with additional security at a time of mounting geopolitical risks;

- the banking sector is stable, well-capitalised and liquid, with NPLs at a historic low of below 2 pct.

Stability is also reflected in:

- economic growth of 3.5 pct in H1 and an acceleration to 4.5 pct in 2027, the year of Expo;

- robust growth in goods exports of over 9 pct in the first seven months of the year, accompanied by a record export-to-import coverage ratio of around 95 pct.

Cooperation with the IMF and Constituency partners is part of this success. High-level meetings with Constituency countries strengthen Serbia’s economic ties in investment, trade, infrastructure, energy, agriculture and innovation – it was noted at the meeting," the statement also said.