Second IMF review of Serbia's economic results successful - NBS

BELGRADE - The IMF Executive Board decided on Thursday a second review of the results of Serbia's economic programme, supported by a stand-by arrangement, has been completed successfully, the National Bank of Serbia (NBS) said.

"The fact that this time again the decision was made without convening a formal Board meeting - which is possible only if a country is pursuing sound economic policies and achieving good macroeconomic results - is yet another proof that Serbia is on the path of solid growth," said NBS Governor Jorgovanka Tabakovic.

"The IMF Executive Board concluded that Serbia’s macroeconomic outturns under the programme remain strong, with recovering growth, ongoing disinflation, a narrowing current account deficit, and record high FX reserves. The planned 2024 fiscal deficit has been additionally scaled down relative to 2023, while providing room for needed public investment," the NBS said in a statement.

"The IMF Executive Board’s positive assessment of Serbia’s performance enables access to around 400 mln euros (316.53 mln SDR). Having in mind the substantial reserves, the creation of fiscal space and sustainable financing of the balance of payments, going forward the arrangement will be treated as precautionary (i.e. without any drawdowns, except in case of balance of payments needs), which is one review earlier than expected at the time of SBA approval," it also said.