IMF enables EUR 373mn disbursement to Serbia.

By bne IntelliNews December 24, 2010
The International Monetary Funds executive board completed the sixth review of Serbias economic performance under the stand-by arrangement (SBA), thus enabling the immediate disbursement of RSD 319.6mn (EUR 373mn), the Fund said in a statement on its website. The approval of the tranche comes after the government has complied with the Funds requirements - the submission of the 2011 draft budget and the amendments to the pension act to the Parliament. As recalled, Serbia targets a budget deficit of 4.1% of GDP next year, down from 4.8% in 2010. Following the approval of the sixth review with Serbia, IMF First Deputy Managing Director and Acting Chair, John Lipsky, said the implementation of the IMF-supported programme by the country has been broadly satisfactory, but called for vigilance despite the economic recovery as macroeconomic stability risks have increased, including from a surge in inflation, continued high trade deficits, and potential adverse spillovers from regional developments. On a related note, the National Bank of Serbia (NBS) announced it would draw 15% or EUR 54.5mn of the latest IMF installment.

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