IMF to discuss latest review of Serbia's progress under loan deal.

By bne IntelliNews December 23, 2009
The IMF's Board of Directors has postponed for Dec 23 a discussion on the latest review of Serbia 's progress under the stand-by loan deal, Beta news agency reported, citing sources from the Fund. We recall that the session of the IMFs Board of Directors was scheduled for Dec 21, but it was postponed due to bad weather in Washington . In addition to the debate on the review of the EUR 2.9bn worth stand-by loan deal with Serbia , the IMF will also reassess projections of major Serbia s economic indicators for 2009. As recalled, the IMF projected that Serbia s economy would contract by 3% this year and grow by 1.5% in 2010. As earlier reported, under the deal with the Fund, Serbia has agreed to freeze pensions and public sector salaries in 2010 as well, and to start downsizing the state administration. It has also agreed to start reforms of the pension system. The IMF earlier set the approval of 2010 budget bill by the parliament as a precondition for allowing the withdrawal of the remaining instalments under the stand-by loan deal. The parliament has adopted next years budget earlier in the week, setting the consolidated fiscal deficit at 4% of GDP.

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