IMF: Third review of Serbia's economic programme successful

BELGRADE - The Executive Board of the International Monetary Fund (IMF) has decided that a third - and penultimate - 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 on Monday.

"The IMF commended the results achieved within the programme. Growth is accelerating, inflation is falling, the current account deficit is narrowing, reserves are at a record high, and the share of public debt in GDP is declining. All quantitative performance criteria and indicative targets are met, and the structural reform agenda is advancing well," it said in a statement.

"The IMF’s decision is yet another recognition of the good policies Serbia has adopted and implemented. I am not referring to economic policy only, but to the overall policies and the relations we build with the world that we are a part of. Working proactively and in a coordinated manner even in conditions of pronounced global challenges, we have created numerous buffers as a prerequisite for a prompt response, which the IMF welcomes as well," NBS Governor Jorgovanka Tabakovic said.

"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," the central bank noted.

"Such IMF practice is consistent with their view that Serbia is an excellent example of a country with a strong track record that has earned confidence with its results," Tabakovic said.