WB to draft new lending plan for Serbia after expiry of current scheme.

By bne IntelliNews June 28, 2010
The World Bank (WB) will draft a new lending scheme for Serbia, after the expiry of the current program in mid-2011, the resident head of the WB Belgrade office Simon Gray stated. The lender has so far extended to Serbia around USD 700mn for various projects, while another USD 200mn are due to be approved for budget support, Gray said. He noted that Serbia was previously inefficient in using the funds from the loans, but added that the situation has lately improved and praised the authorities for cutting back on bureaucracy. Gray reiterated that public spending cuts, business climate improvement and education system upgrade were the keys for Serbia's further development. He assessed the country has good prospects to switch to new growth model, based on investments and exports, but noted there are still a lot of obstacles ahead.

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