IMF starts another review of Serbias performance under stand-by deal.

By bne IntelliNews February 10, 2010
An International Monetary Fund (IMF) delegation started talks with the Serbian authorities to review whether the country is sticking on to the terms of EUR 2.9bn worth stand-by loan agreement. The country has already drawn EUR 1.13bn from the loan that was signed in March 2009. The IMF told Belgrade earlier this month not to increase the public sector wages and pensions and to trim the administration if it wants to secure disbursement of the rest of the funds under the programme. The IMF resident representative has criticised the authorities for being behind schedule with the layoff of some 8,000 government employees, and for spending more money on salaries than the loan deal envisaged. Upon the start of the talks with the IMF mission, the government representatives said that all the requirements under the stand-by agreement have been fully implemented. Radovan Jelasic, the central banks governor, expressed optimism that talks will complete successfully, adding that some of the terms under the program have not been fully met and this issues would be discussed. If the talks end successfully, the IMF expects to disburse EUR 350mn in the next tranche, some time in May. The talks with the IMF will last for two weeks.

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