Serbia’s government expects to receive a proposal for concluding a new arrangement with the International Monetary Fund (IMF) by June, finance minister Dusan Vujovic said on Tuesday.
The new arrangement will be in the form of an instrument for coordination of economic policies and reforms that does not include a financial component and will most likely be known in mid-May or in June, Vujovic said in a statement.
“The field of cooperation remains the same, namely maintaining the already achieved macroeconomic and fiscal stability, as well as further support for reforms,” Vujovic said in an interview for Serbian newspaper Blic posted on the website of the ministry.
In February, the IMF said Serbia exited a successful $1.32 billion (1.07 billion euro) three-year stand-by programme. After three years of effort under the programme, Serbia’s economy has turned around, as fiscal accounts recorded a surplus in 2017, economic confidence improved with stronger investment both from foreign and domestic sources, while unemployment is near historic lows, and falling, banks are solid, and non-performing loans are now below their pre-crisis levels, the IMF said.
In February 2015, the IMF approved a 36-month stand-by arrangement (SBA) aimed at helping Serbia restore public finances’ health, increase the stability and resilience of the financial sector and implement comprehensive structural reforms.