IMF official: 2011 budget cuts not to hinder Serbia's economic recovery.

By bne IntelliNews November 30, 2010
Serbia's planned budget cuts for 2011 will not hinder the country's economic recovery, but will restore investor confidence in the country, IMF resident representative, Bogdan Lissovolik told Bloomberg. As recalled, Serbia pledged to trim its budget deficit to 4.1% of GDP in 2011 from this year's 4.8%. Lissovolik advised Serbia to seek cheaper financing to cover its budget gap next year and thus turn to the World Bank or the EU for support, since the demand for its treasury bills has been declining. The next review of the stand-by arrangement (SBA) with the fund is scheduled for February, when an IMF mission will assess Serbia's economic performance in 2010. Corporate debt restructuring legislation will be a key topic in the next review, considering that the share of non-performing corporate loans has soared to 25% of all credits.

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