IMF approves disbursement of additional USD 437mn loan to Serbia.

By bne IntelliNews June 29, 2010
The International Monetary Fund completed the fourth review of the stand-by loan agreement with Serbia, approving the disbursement of USD 473mn loan, IMF Deputy Managing Director Murilo Portugal said in a statement. So far, Serbia has borrowed USD 2bn under the USD 3.9bn loan agreement. The IMF assessed the country's economic performance as satisfactory despite the difficult H1 and praised the improvement of the country's external financing position, the comfortable reserve position and the moderate inflation. However, the fund reminded that the financial crisis in the region still might affect Serbia's domestic economy. The IMF also agreed to waive the missed targets for the consolidated general government deficit. The authorities' fiscal adjustment strategy continues to focus on medium-term consolidation, while automatic stabilisers will be allowed to operate in the short term in response to a shortfall in tax revenues and the planned fiscal responsibility legislation will further enhance policy credibility, Portugal's statement reads.

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